On December 12, Mike Cagney, Executive Chairman of the Figure Board of Directors, said at the Solana Breakpoint conference, "About a week and a half ago, we announced another development - which is equivalent to a second IPO. We are natively issuing a new version of Figure equity on the public blockchain."
This offering will not be listed on the DTCC, nor will it be traded on Nasdaq or the NYSE. It will not rely on a referral broker like Robinhood, nor will it depend on prime brokerage services from institutions like Goldman Sachs.
This is a security native to the blockchain, traded on Figure's own Alternative Trading System (ATS), which is essentially a decentralized trading platform: self-custodied, self-traded, and self-marketed.
Investors will be able to link these securities to an ATS wallet, rather than a traditional referring broker account; they can then use this equity for collateralized lending, borrowing, and other transactions within DeFi.
