ATS Launches Digital Asset Marketplace for Equity Funds
Figure Technologies, the company behind the Provenance blockchain, announced that its subsidiary, Figure Securities, has been approved as an Alternative Trading System by the Securities and Exchange Commission (ATS).
It also became a FINRA-approved broker-dealer last week. Adnales, the company’s cap table management solution, is now legally able to offer secondary market trading for private shares through the Figure Marketplace.
The figure is also targeting fund managers to allow limited partners to trade their shares. According to its website, a loan marketplace will be available soon.
The figure had previously announced plans to introduce a blockchain-based exchange to remove two-day settlement and counterparty danger.
“Becoming a broker-dealer and being able to run our ATS is a watershed moment for our business that will have far-reaching implications around the financial services industry,” said Mike Cagney, CEO and Cofounder of Figure.
“Our technology platform’s ability to conduct securities trades will allow substantial capabilities across our financial services client roster.”
Cagney also recently posted a video on YouTube demonstrating how the “Provenance Exchange” can handle large amounts of data.
Bill White, who is also the president of ReFlow Services, is the CEO of Figure Securities, according to FINRA.
The Provenance blockchain solution is at the heart of all figure does. The figure began by providing retail mortgage services to show the potential of blockchain and then securitized the mortgages on the Provenance blockchain.
The company has also applied for a banking charter and is introducing Figure Pay, a retail payments solution focused on blockchain and stable coins aimed at the underbanked.
It began testing the solution in Missoula, Montana, in March.
Figure Pay intends to entice retailers by lowering merchant fees and providing customers with point-of-sale credit. Alipay, the world’s largest payment wallet, has made a fortune using this strategy.
However, out of concern that people are overextending themselves, China’s central bank recently asked Alipay to limit how it provides credit at the point of sale.
In addition to all of this, the figure intends to make acquisitions through a recently announced SPAC