Figure Technology Solutions has launched the On-Chain Public Equity Network (OPEN) on its Provenance Blockchain. This initiative enables native on-chain equity issuance and trading, marking a significant evolution in digital asset markets.
OPEN facilitates two-way exchangeability with Nasdaq-listed shares. The launch involves key players including Mike Cagney of Figure, Mike Belshe of BitGo, and Jump Trading LLC as a market maker. Mike Cagney, Executive Chairman of Figure Technology Solutions, stated, "After originating over $20 billion in on-chain credit, we're now excited to bring public equity to Provenance Blockchain."
On-Chain Equity Trading Debuts on Provenance Blockchain
Figure Technology Solutions has launched the On-Chain Public Equity Network (OPEN) on its Provenance Blockchain. This initiative enables native on-chain equity issuance and trading, marking a significant evolution in digital asset markets.
OPEN facilitates two-way exchangeability with Nasdaq-listed shares. The launch involves key players including Mike Cagney of Figure, Mike Belshe of BitGo, and Jump Trading LLC as a market maker. Mike Cagney, Executive Chairman of Figure Technology Solutions, stated,
After originating over $20 billion in on-chain credit, we're now excited to bring public equity to Provenance Blockchain.
Figure's Stock Performance and Market Dynamics
Figure's stock observed high volatility, with an initial rise then decline on launch day. The company's market cap hovers near $12 billion, signaling substantial investor interest despite fluctuations.
The industry's growing momentum toward blockchain-native market structures suggests potential financial and technological advances, supported by data showing a $1.2 billion market cap for tokenized equities. Mike Belshe, CEO and Co-founder of BitGo, commented,
We’re seeing growing momentum across the industry toward more transparent, blockchain-native market structures. Figure’s OPEN on-chain offerings represent the next evolution of digital asset markets, and BitGo is proud to support the infrastructure that enables them to operate securely and at scale.
Expert Analysis on Blockchain-Equity Integration
Recent blockchain initiatives by Figure, including Solana-based products, have shown mixed market reactions. Tokenized equities have seen growth, competing with traditional markets.
Analysts predict that Figure's move could set a precedent, further integrating blockchain with traditional financial systems, and enhancing transparency and efficiency across equity markets.