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The blockchain lending industry leader Figure Technology Solutions has quietly submitted its IPO application to the U.S. SEC. The company plans to officially log in to the Capital Market later this year, with specific issuance numbers and pricing ranges yet to be determined.
Figure, founded by former SoFi CEO Mike Cagney, has issued over $16 billion in credit through the Provenance Blockchain platform, leveraging its strong position in the home equity lending space, making it the largest non-bank entity in this niche market.
The company positions itself as a "Blockchain Native Capital Market," dedicated to achieving a seamless connection between lending, capital, and secondary market activities. It is worth noting that Figure Technology Solutions recently completed a merger with another blockchain market, Figure Markets, founded by Cagney. The latter issues yield-bearing stablecoins in the form of tokenized money market funds, and this merger may further enhance Figure's integrated strength.
Cagney himself confirmed the news on social media, emphasizing that it is an official statement from the company. Since 2019, Figure has raised a total of $120 million in funding. At that time, Cagney stated that the company's strategic focus was to provide financial services to cash-strapped older homeowners.
As the application of Blockchain technology in the financial sector becomes increasingly widespread, Figure's IPO plan has drawn significant attention from the industry. Analysts believe that this not only signifies the maturation of the blockchain lending industry but may also pave the way for the listing of other blockchain fintech companies. However, in the face of the current complex economic environment and regulatory landscape, Figure's path to going public may still face numerous challenges.
As a pioneer in the blockchain lending sector, Figure's IPO will undoubtedly become the focal point of the market. Investors and industry observers will closely monitor its listing process to assess the practical application value and future development potential of blockchain technology in the traditional financial system.