Foresight News reported live that Figure co-founder and executive chairman Mike Cagney stated at the Solana Breakpoint conference that Figure recently submitted a new S-1 application, planning to issue blockchain-based common stock. This blockchain stock will be a blockchain-native equity security, traded on Figure's Alternative Trading System (ATS), and convertible at a 1:1 ratio to Figure's Class A common stock. Holders of the blockchain stock can borrow and lend on Democratized Prime, a decentralized finance protocol based on the Provenance blockchain.
Cagney points out that the ATS is essentially a decentralized exchange that allows users to self-custody, self-settle, and self-clear securities. Users can connect via wallet and bring the securities into DeFi protocols for collateralized lending. Furthermore, Figure plans to bring the equity to the Solana ecosystem and support native equity issuance on Solana.
