- OPEN enables direct blockchain-based equity issuance, bypassing traditional intermediaries.
- On-chain lending and smart contracts streamline trading and reduce settlement costs.
- Crypto-focused firms can raise capital using digital assets, improving NAV price discovery.
Figure Technology Solutions Inc. has introduced a new blockchain-based platform that targets a core function of public markets. The company aims to move equity issuance and stock lending directly onto a distributed ledger.
The launch signals a broader effort to modernize how companies raise capital and how investors access liquidity. Unlike earlier tokenization models, the platform focuses on direct ownership rather than derivative exposure. Consequently, Figure positions the initiative as a structural shift rather than a technical experiment.
The platform, called OPEN, runs on the Provenance blockchain and supports on-chain public equity issuance. Figure shared details of the launch in a statement provided to Bloomberg.
The company designed OPEN to allow shareholders to lend equity directly to other investors. Hence, the platform reduces reliance on traditional intermediaries that dominate securities lending today.
How OPEN Changes Equity Markets
OPEN allows companies to issue blockchain-native shares that represent real equity ownership. These tokens do not mirror listed stocks or track prices synthetically. Instead, they function as the actual share record. Consequently, investors can lend or borrow shares without routing transactions through central clearing houses or prime brokers.
Figure plans to issue its own equity on OPEN first. After issuance, investors could trade those tokens on Figure’s decentralized trading venue. Additionally, the structure allows direct peer-to-peer lending, which could compress costs and improve settlement speed. Significantly, the approach challenges the need for centralized exchanges and securities depositories.
The platform also introduces programmable features that traditional markets struggle to offer. For example, smart contracts can manage lending terms automatically. Moreover, onchain records can improve transparency around ownership and collateral usage. These changes could reshape how institutions manage risk and capital efficiency.
Related: Ex-SoFi CEO Mike Cagney Seeks $150 Million For New Blockchain Firm
New Options for Crypto-Focused Companies
OPEN also targets digital-asset treasury firms, known as DATs. These companies raise capital to hold cryptocurrencies on their balance sheets. The most visible example remains Strategy Inc.. However, many DATs have recently traded below the value of their crypto holdings. Consequently, investor confidence has weakened.
Figure believes OPEN can narrow that valuation gap. Investors can buy equity directly using cryptocurrencies instead of fiat currency. For instance, a Solana-focused DAT could accept payments in Solana tokens. Hence, companies gain a faster path to price discovery that reflects net asset value.
Leadership and Long-Term Vision
Executive Chairman Mike Cagney founded Figure in 2018 after leading SoFi Technologies Inc.. The company went public in September and raised $787.5 million. Additionally, Figure has built its business around blockchain-based lending products.
Cagney sees OPEN as a foundation for future financial infrastructure. Moreover, he expects prime brokers to adapt by offering cross-collateral and lending services on-chain. Consequently, OPEN may not eliminate intermediaries entirely but redefine their role in equity markets.
Related: Why Real-World Assets on Public Blockchains Aren’t Valuable Without Fees
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Source: https://coinedition.com/figure-launches-open-platform-to-enable-on-chain-equity-issuance-and-stock-lending/
