Figure Markets introduces a unique exchange with decentralized custody and democratized prime brokerage, setting a new standard in digital asset trading.
Points
- Figure Markets launches an exchange with decentralized custody and democratized prime brokerage.
- Initial launch in the U.S. with plans for an offshore exchange later in the year.
- Unique features include high cash leverage, FDIC insurance, and a broad product set.
- The exchange aims to level the playing field in crypto trading.
Figure Markets has launched a groundbreaking exchange that introduces decentralized custody and democratized prime brokerage, setting a new standard in digital asset trading. Initially launched as a U.S. onshore exchange, there are plans to expand offshore later this year. The exchange will eventually operate on a membership basis, offering top-tier members various advantages, including being paid to trade, discounted borrow rates, and more.
Unique Features and Benefits
The Figure Markets Exchange offers several unique solutions and capabilities:
– Decentralized Custody: Powered by multi-party computation （MPC） technology, the exchange does not take possession of members’ assets, offering a bankruptcy-remote custody solution.
– High Cash Leverage: Qualified members can borrow on margin up to 4:1 （80% loan to value） to trade BTC and ETH. One-year term loans are also available at competitive rates.
– FDIC Insurance: Onshore members’ USD deposits are held at an FDIC-insured bank, providing additional security.
– Broad Product Set and Deep Liquidity: Members can trade BTC, ETH, and HASH, along with unique assets such as FTX bankruptcy claims. Qualified members can also invest in and borrow against various closed-end funds, including staking and opportunistic funds.
– Flexible Deposit and Withdrawal Options: All members can transfer crypto to and from their Figure Markets accounts. U.S. customers can also deposit and withdraw USD, held in one or more FDIC-insured omnibus bank accounts.
CEO’s Vision
“We are thrilled to bring a best-in-class, decentralized custody exchange to the market,” said Mike Cagney, CEO and co-founder of Figure Markets. “From allowing retail investors to participate in the SOL auction to opening up trading in FTX bankruptcy claims, we’re leveling the playing field in crypto and avoiding the mistakes of the centralized exchange bankruptcies.”
Future Plans
Over time, the exchange will utilize HASH ownership, the utility token from Provenance Blockchain, to determine member tiers and pay for exchange fees. Unlike most other exchanges, the intent is for takers on the exchange to be paid by makers to trade.
Conclusion
Figure Markets’ innovative exchange with decentralized custody and democratized prime brokerage offers unique features and benefits, setting a new standard in digital asset trading. With plans for expansion and a focus on leveling the playing field, Figure Markets aims to revolutionize the crypto trading landscape.
解説
- Figure Markets introduces a decentralized custody exchange with democratized prime brokerage.
- Unique features include high cash leverage, FDIC insurance, and a broad product set.
- The exchange aims to provide a secure and equitable trading environment.
- Future plans include expanding offshore and utilizing HASH ownership for member tiers.