Figure Markets is a hybrid crypto platform that combines traditional finance and decentralized finance. It allows users to trade, earn, and borrow while maintaining control over their assets through self-custody technology.
Key points
Figure Markets combines traditional finance with decentralized finance
Users maintain control over their assets through self-custody technology
The platform offers trading, lending, and yield generation
It integrates real-world finance products into a blockchain environment
In a crypto landscape that’s getting increasingly split between centralized exchanges and decentralized (DeFi) protocols, Figure Markets emerges as a hybrid solution designed to bridge both worlds.
The platform is launched as part of the broader Figure Technology Solutions, Inc. (“Figure”) ecosystem and is aimed at combining elements of traditional finance (TradFi) with decentralized finance. The goal is to provide users with a single interface to trade, earn, and borrow, while at the same time maintaining control over their assets.
At its core, Figure Markets is a self-custody digital asset platform that’s designed to enable users to buy and sell cryptocurrencies, access lending products, and generate yield from both real-world assets (RWAs) and from crypto. Unlike many of the mainstream exchanges, however, it places the emphasis on user ownership through advanced wallet technology, ensuring that funds remain under the complete control of the user rather than being held by the platform.
What makes it stand out is its ambition to go beyond typical crypto exchange functionality. It integrates a myriad of real-world finance products, including home equity-backed lending, directly into a blockchain-based environment. This creates opportunities for users to earn yield that’s derived from traditional assets rather than purely speculative crypto-oriented mechanisms.
From a user perspective, Figure Markets presents itself as an “all-in-one” financial app, where trading, borrowing, and earning coexist within a unified ecosystem. This approach is designed to appeal to a broader audience – from users who seek self-custody and yield, to more traditional investors who look for a familiar financial product.
Ultimately, the platform is not trying to compete solely as another crypto exchange. Rather, it is positioning itself as a next-gen capital markets platform.
Q&A
What is Figure Markets and how does it work?
Figure Markets is a self-custody digital asset platform that enables users to trade cryptocurrencies, access lending products, and earn yield from both real-world assets and crypto.
How does Figure Markets differ from traditional crypto exchanges?
Unlike traditional exchanges, Figure Markets emphasizes user ownership of assets through advanced wallet technology, ensuring funds remain under the user's control.
What types of financial products does Figure Markets offer?
Figure Markets integrates various financial products, including home equity-backed lending and yield generation from traditional assets within a blockchain environment.
Who launched Figure Markets and what is its purpose?
Figure Markets was launched by Figure Technology Solutions, Inc. to bridge the gap between traditional finance and decentralized finance, providing a unified trading interface.
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Company Background and Vision
Figure Markets is part of the broader ecosystem that’s built by Figure Technology Solutions – a NASDAQ-traded fintech firm founded by Mike Cagney, who is also known as the former CEO and co-founder of SoFi.
Figure has predominantly focused on modernizing financial services through blockchain-based technologies. More particularly, by bringing traditional assets like loans on-chain.
The launch of Figure Markets (in 2024) represented a natural extension of the firm’s vision to create a marketplace that allows users to interact with both crypto and real-world financial products in a unified environment.
Central to this particular strategy is the Provenance Blockchain. This is a purpose-built network that’s specifically designed to support asset tokenization and transparent financial operations.
In essence, Figure Markets reflects a broader ambition to rebuild capital markets infrastructure by using blockchain technology while also maintaining regulatory alignment and institutional-grade standards.
Core Features: Overview
Figure Markets is developed as an all-in-one financial platform, as we mentioned above. It combines multiple services that are generally spread across exchanges, wallets, and various DeFi protocols.
Its core appeal lies in simplifying access to crypto and blockchain-oriented financial products. However, this doesn’t seem to happen at the expense of control or transparency, which enhances its core product offering.
Some of the platform’s key features include:
Self-custody wallet
Users are able to retain complete control of their assets through self-custody wallets and advanced multi-party computation (MPC) technology, which reduces the reliance on centralized custody, if not eliminating it completely.
Integrated trading functionality
Figure Markets allows users to buy and sell supported cryptocurrencies within the same application, which eliminates the need for external exchanges. These transactions are executed on a peer to peer basis, through the Figure Markets Exchange module on the Provenance Blockchain.
Earn products with real yield
Democratized Prime, a decentralized lending marketplace that allows users to access yield opportunities that are backed by real-world assets, not just crypto incentives.
Crypto-Backed Loans
Crypto-Backed Loans* allows participants to unlock liquidity without having to sell their digital assets and use them as collateral instead to do things including purchase more crypto.
Real-world asset exposure
What has undoubtedly turned out to be one of the hottest crypto use cases, RWAs allow users to participate in blockchain-based financial products, which are tied to traditional assets such as loans, for example.
On-chain transparency
Transactions and asset activity are recorded on the Provenance Blockchain. This ensures greater visibility and accountability.
Trading Experience and Supported Assets
Figure Markets offers a rather streamlined trading experience, which is designed to feel familiar to users of centralized exchanges. However, it still operates within its very own self-custody framework.
The platform focuses on simplicity and accessibility. It makes it very easy to buy and sell crypto without requiring the user to navigate complex order books or advanced trading interfaces.
One of its standout aspects is the emphasis on low trading fees. This lowers the barrier to entry for casual users and for long-term investors alike. Instead of catering to high-frequency traders, as many other exchanges do exclusively, Figure Markets leans toward a more intuitive trading flow, which is closer to a fintech application than a professional trading terminal.
That said, its pro trading platform does feel familiar to many of the existing centralized exchanges, making it very easy for users with experience to transition, while also offering a very familiar UI at the same time.
It’s important to note that liquidity is still developing, given how relatively new the platform is, but it definitely benefits from integration within the wider ecosystem of Figure. Over time, this is likely to improve both depth and pricing efficiency.
Overall, the trading experience is best suited for:
Users who value ease of use over highly advanced tooling
Investors focused on core crypto assets and self-custody
Lenders seeking access to yield generated by private credit assets previously reserved for institutions
Those who already use Figure or Figure Markets for earning or borrowing
Earning and Yield Products
One of the more compelling aspects of Figure Markets is its evident focus on yield generation, particularly through products that are tied to real-world financial activity. This positions the platform very differently from most of the DeFi protocols, where the returns tend to be driven by token inflation, emissions or speculative demand in many of the cases.
At the center of its offering are real-world asset-backed yield opportunities through Democratized Prime, Figure Market’s decentralized lending marketplace. These usually involve pools that are connected to loans originated within the broader Figure ecosystem but recently Democratized Prime has expanded to other credit assets, including auto loans originated by Agora Data. Figure’s tokenized RWAs include home equity lines of credit (HELOCs). In fact, Figure is the number 1 non-bank HELOC lender in the US, having unlocked more than $22 billion in liquidity.
Users can also access yield-bearing digital assets including Figure’s proprietary yield-bearing stablecoin, YLDS, which is issued by the Figure Certificate Company (FCC). YLDS is the first and only yield-bearing stablecoin registered with the SEC, and was the first public security to be to be successfully registered with the SEC. Products like YLDS and Democratized Prime are designed to generate income. They are structured to offer very competitive returns while maintaining relatively conservative risk profiles when compared to volatile crypto staking strategies. YLDS yields SOFR minus 35bps, while yields generated in Democratized Prime are typically in the range of 7-9%.**
To sum it up, some of the key highlights of the earning experience include:
Attractive target yields
RWA-backed yields
Focus on passive income
Integrated access
That said, these products are not risk-free. The returns will depend on the borrower’s performance, collateral equity, and the broader market conditions.
In essence, Figure Markets’ earning suite is suited for users who seek more predictable and income-oriented strategies.
Borrowing and Lending Services
In addition to trading and earning, Figure Markets also provides a wide range of borrowing and lending services including Crypto Backed Loans* which are originated by Figure Lending LLC (and Figure Markets Credit LLC for New York and international customers). CBLs are designed to unlock liquidity without requiring the user to sell their cryptocurrency. This is a very integral part of its hybrid model, blending traditional finance products with crypto-backed lending.
On the Figure Markets side, users are able to take out loans against their digital assets utilising flex rate variable offerings in Democratized Prime. By using crypto as collateral for a fixed-rate CBL or a flex-rate loan, they maintain market exposure without incurring the consequences of selling their crypto. This is very useful for long-term holders who need access to cash or stablecoins and don’t want to trigger a taxable event or to miss potential upside.
Some of the key features here include:
Streamlined application process
Flexible use of funds
Competitive low rates at 8.91% (9.999% APR) @ 50% LTV2
Liquidation Protection7
Of course, users need to be well-aware of the liquidation risks that come with highly volatile markets, but Figure Markets does a good job of clarifying this. Users who elect to pay the additional fee for liquidation protection will not be subject to liquidations or margin calls based on price movement during the life of their loan.
Flagship Products
Democratized Prime
This is a decentralized lending marketplace that brings institutional-grade yield opportunities to Figure Markets’ users. It is designed to connect lenders and borrowers directly where users are able to set their preferred interest rates.
Some of its highlights include:
Yields (7-9%) depending on market conditions**
Overcollateralized pools giving lenders more security
Real-world asset backing
Hourly liquidity
Crypto-Backed Loans*
This product allows users to access liquidity without having to sell their digital assets. This makes it very practical for long-term holders. Instead of cashing out (selling), users pledge their crypto as collateral and receive funds in return.
Retain your crypto exposure
Competitive fixed rates
Fast access to funds
User Interface Experience (UI/UX)
The platform places a strong interface on delivering a clean user experience rather than trader-heavy solutions, but it does contain all the necessary tooling an advanced user would need.
Navigation is straightforward with clearly separated sections for trading, earning, and borrowing. This allows anyone to move between features without any friction. The layout feels closer to a contemporary neobanking app rather than a traditional crypto exchange, which oftentimes makes it particularly appealing to those who prioritize simplicity and easy access.
Onboarding is also quite smooth. Account setup, identity verification, wallet creation – all of it is integrated into a guided flow, which reduces some of the typical bottlenecks and barriers to entry that are associated with self-custody platforms.
The mobile experience is undoubtedly a core focus, with the app serving as the primary interface for many users. Performance is responsive, key actions like buying and selling crypto through the professional interface are also very smooth.
Security, Regulation, and Compliance
It goes without saying that security and regulatory alignment are central to Figure Markets and its value proposition, especially given its goal to bridge crypto with TradFi. Unlike many centralized exchanges, the model here is self-custody, which means that users retain full control of their assets at all times. This is allowed through the use of MPC technology, which distributes private key management across a number of parties to reduce single points of failure.
From a security standpoint, this approach definitely offers a strong middle ground between full-self custody and custodial solutions.
On the regulatory side, Figure Markets stands out because of its connection with Figure Technology Solutions (FTS), which operates within established financial frameworks and considers itself a leader in building compliant blockchain infrastructure.
FTS has been an industry leader when it comes to innovation within regulated ecosystems. Some of these industry firsts included launching the first public security to be fully traded on blockchain rails when it launched YLDS, the SEC’s first and only yield-bearing stablecoin YLDS. YLDS was followed by launching the first blockchain-native public equity that is fully tradable on blockchain rails when it launched FGRS, FTS’s blockchain-native shareclass. FGRS is issued, held and traded solely on blockchain rails through Figure Onchain Public Equity Network (OPEN). Blockchain-native equities on OPEN settle atomically T+0, compared to traditional tokenised equities, which settle T+1 due to reliance on legacy infrastructure like the Deposit Trust Clearing Corporation, DTCC. FGRS can also be lent and used as collateral in pools on Democratized Prime.
Subsidiaries of FTS include:
SEC-registered Alternative Trading System (Figure ATS), administered by a FINRA-registered broker-dealer (Figure Securities, Inc.),
SEC-regulated Transfer Agent (Figure Equity Solutions),
1940 Act Investment Company, registered as a Face-Amount Certificate Company (FCC),
State-regulated Money Transmitter (Figure Pay)
State-licensed lender (Figure Lending LLC)
Additionally, the fact that it’s built on top of the Provenance Blockchain enhances transparency as transactions and asset movements can easily be verified on-chain.
Conclusion
It goes without saying that Figure Markets aims to bring a compelling evolution of the cryptocurrency platform model. It blends elements of a centralized exchange, DeFi protocols, and traditional financial services tied into a unified ecosystem.
In our view, it’s best suited for investors seeking passive income and more predictable yield and are interested in real-world asset exposure, while valuing self-custody and a more streamlined user experience.
That said, what stands out the most is their dedication to providing high-quality products such as yield opportunities through RWAs from Democratized Prime and competitive rates for Crypto Backed Loans to provide flexibility with your crypto.
Disclosures
*Crypto backed loans are provided by Figure Lending LLC dba Figure (NMLS 1717824). Loans subject to approval. Crypto collateral may be liquidated. Terms apply – see full disclosures at figure.com/disclosures/
Figure Lending LLC dba Figure 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. 888) 819-6388. NMLS ID 1717824. For licensing information go to www.nmlsconsumeraccess.org
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections.
Availability: Crypto loans are offered to U.S. borrowers by Figure Lending LLC. This product is not available to U.S. residents of DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA. Crypto loans are offered through Figure Markets Credit LLC to residents of the state of New York and to international customers except in the following jurisdictions: Crimea (Ukraine), Donetsk (Ukraine), Luhansk (Ukraine), Afghanistan, Albania, Belarus, Central African Republic, Congo (the Democratic Republic), Cuba, Ethiopia, Haiti, Iran (Islamic Republic of), Iraq, Lebanon, Libya, Mali, Myanmar (Burma), Nicaragua, Nigeria, North Korea (Democratic People’s Republic of), Pakistan, Palestine (State of), Russia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, or Zimbabwe.
Lender & Licensing: Figure Markets Credit LLC. 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 926-6259. NMLS ID 2559612. For licensing information, go to www.nmlsconsumeraccess.org
Crypto Loans starts at a minimum of $5,000, subject to state and jurisdiction-specific legal limitations. Your loan amount will ultimately depend on the amount of collateral in your account and your eligibility will be determined by your state or jurisdiction of residence, credit profile, and other personal information available at the time of your application.
General minimum and maximum loan amounts may vary subject to state-specific legal limitations.
Repayment Period (Minimum-Maximum): 12 months Maximum APR: 12.62% APR (APR includes interest plus applicable fees such as the 1% origination fee). Available interest rates for Figure’s Crypto-Backed Loan are 8.91% (9.999% APR) at 50% LTV or 11.50% (12.62% APR) up to 75%. Representative Example (Total Cost): As an example, a borrower receives a Crypto Backed Loan at 50% LTV of $10,000 for a term of 12 months, with an interest rate of 8.91% and a 1% origination fee of $100, for an APR of 9.999%. In this example, the borrower will receive $10,000 and will make 12 monthly payments of $74.25. Rates will be higher for applications secured by assets with a higher LTV ratio. The Figure Crypto-Backed Loan has a 12 month interest-only repayment term and allows for a maximum initial LTV ratio of 75%. Interest rates change frequently so your exact interest rate will depend on the date you apply and may depend on many factors such as LTV ratio.
Obtaining a crypto-backed loan generally does not trigger an upfront taxable event. Tax treatment may vary based on individual circumstances. Consult your tax advisor.
Liquidation protection is only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT. Liquidations will still occur if the loan becomes delinquent. More information about liquidation protection can be found here. The Figure Crypto Backed Loan (CBL) allows eligible users to borrow U.S. dollars secured by crypto collateral. The maximum loan-to-value (“LTV”) ratio is 50% at origination.
Approval is not guaranteed
Liquidation protection is only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT. Liquidations will still occur if the loan becomes delinquent. More information about liquidation protection can be found here. The Figure Crypto Backed Loan (CBL) allows eligible users to borrow U.S. dollars secured by crypto collateral. The maximum loan-to-value (“LTV”) ratio is 50% at origination.
Investment products: Not FDIC Insured, No Bank Guarantee, May Lose Value.
YLDS Stablecoins are unsecured face-amount certificates and solely backed by the assets of Figure Certificate Company (FCC), who is the issuer of the certificates. As a subsidiary of Figure Markets Holdings, Inc., FCC is (absent exclusion or exemption) required to comply with certain limits on its activity, including investment and/or trading limitations on its portfolio and other limitations under applicable banking and securities laws. FCC is not a bank, and the securities it offers are not deposits or obligations of, or backed or guaranteed or endorsed by, any bank or financial institution, nor are they insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other agency. The Certificates are not an insurance company product, an equity investment, Paid endorsement by Figure Technology Solutions, Inc. Opinions are my own. Consult a financial advisor before making any decisions or an investment in a money market mutual fund. FCC’s qualified assets on deposit may exceed the deposit amounts required by applicable regulations. If there are losses on FCC’s assets, FCC may not have sufficient resources to meet its obligations, including making interest and/or principal payments on your certificates. Most of FCC’s assets are debt securities and are subject to risks including credit risk, interest rate risk and prepayment and extension risk. You could lose money by investing in the Stablecoin. Although the Stablecoins seeks to preserve the value of your investment at $0.01 per share, it cannot guarantee it will do so. You should consider the investment objectives, risks, charges and expenses of certificates carefully before investing. Download a free prospectus, which contains this and other important information about our certificates. Read the prospectus carefully before you invest. Figure Certificate Company Prospectus available Here
The On-Chain Public Equity Network (OPEN) includes a variety of services offered by the Figure Group of companies. Included in the services offered by OPEN is a Figure Markets MPC wallet for self-custody of digital equities and digital assets. Cross-collateralization and portfolio margin capabilities through OPEN are enabled by Figure’s decentralized lending marketplace, Democratized Prime. Public equity trading is made available through an Alternative Trading System (“Figure ATS”) operated by FINRA/SIPC member Figure Securities, Inc.
Investment in common stock, including Class A or blockchain-native shares, involves a high degree of risk and may result in the loss of part or all of your investment, as prices can fluctuate significantly due to market conditions and company performance, may be volatile and difficult to sell, are not guaranteed to provide returns or dividends, and may be adversely affected by dilution, regulatory changes, or, where applicable, risks associated with blockchain technology. Additionally, this security may not be suitable for all investors. Before investing you should: (1) conduct your own investigation and analysis; (2) carefully consider the investment and all related charges, expenses, uncertainties and risks, including all uncertainties and risks described in offering materials; and (3) consult with your own investment, tax, financial and legal advisors.
Past performance and yields are not reliable indicators of current and future results. Rates associated with the mentioned products are not guaranteed and subject to change.
Investing in cryptocurrencies involves significant risks. Cryptocurrency trading is not available in NY. Please click here for risk disclosures on investing and trading in cryptocurrencies.
Figure Payments Corporation offers to self-directed investors and traders cryptocurrency brokerage services under the brand name, “Figure Markets”. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. Figure Payments Corporation’s NMLS ID number is 2033432, and is located at 100 West Liberty Street, Suite 600, Reno, NV., 89501. You can verify Figure Payments licensing status at the NMLS Consumer Access website. Click here for Figure Payment’s state license and regulatory disclosures.
**Rates for Democratized Prime are variable, not fixed or guaranteed, and may change based on pool composition, borrower performance, auction dynamics, and market conditions; learn more:. Figure Markets and its affiliates do not guarantee repayment, liquidity, or asset value, and participation is subject to applicable terms, including the Democratized Prime Terms of Service and HELOC+ Addendum.
Figure Payments Corporation, Figure Lending LLC, Figure Securities, Inc, Figure Certificate Company, and Figure Markets, Inc. are each wholly owned subsidiaries of Figure Technology Solutions, Inc. Products and services of all of these entities are offered under the Figure Markets brand. NOTE FOR INVESTORS: When applying for accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
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