Figure Technology Solutions and Figure Markets Merge to Revolutionize Capital Markets Through Blockchain Innovation
In a groundbreaking move set to redefine global capital markets, Figure Technology Solutions and Figure Markets have announced their merger to create a unified company poised to accelerate the integration of traditional finance (TradFi) and decentralized finance (DeFi). Operating under the name Figure Technology Solutions, the combined entity will leverage blockchain technology to unlock a $130 billion+ market opportunity by tokenizing real-world assets (RWAs), streamlining transactions, and democratizing access to capital. The merger has received full support from both companies’ boards and underscores Figure’s leadership in harnessing blockchain for transformative financial applications.
A Vision for the Future of Finance
Since its inception in 2018, Figure has positioned itself at the forefront of blockchain innovation in capital markets. Mike Cagney, Co-Founder and Executive Chairman of Figure, emphasized the company’s long-term vision: “When we launched Figure, we saw blockchain not as a trend but as a transformational force across capital markets. With growing adoption and regulatory support, the timing is right for Figure to lead the way. We are a consummate example of a blockchain company using the technology in real-world use cases to drive efficiency, speed, and cost savings.”
The merger brings together Figure’s two core marketplaces, creating a seamless intersection between TradFi and DeFi:
- Figure Connect: A consumer credit marketplace that originates and trades tokenized home equity lines of credit (HELOCs), mortgages, and other consumer loans. Figure Connect has become the largest non-bank originator of HELOCs in the U.S., funding over $16 billion in loans to date and capturing a significant share of the $35 trillion U.S. home equity market. Its platform enables standardized, immutable blockchain-native assets that are traded in a deep, liquid marketplace.
- Democratized Prime: A decentralized prime brokerage and warehouse line alternative that connects capital directly to tokenized collateral. This offering pairs with Figure’s retail and institutional exchange, which provides access to crypto assets, crypto-backed loans, and stablecoins.
By unifying these platforms, the new Figure Technology Solutions commands approximately 75% of the fast-emerging RWA tokenization market. This dominant position positions the company to unlock growth across asset-backed lending, cross-asset tokenization, and other innovative product categories.
Powering the Ecosystem with Provenance Blockchain
At the heart of Figure’s operations lies the Provenance Blockchain, an open-source, purpose-built ledger designed specifically for financial services. Provenance provides the infrastructure for real-time settlement, immutable asset recording, and composability—key features enabling Figure to originate, tokenize, and trade RWAs with unmatched speed and efficiency. The blockchain’s ability to standardize and homogenize assets across multiple originators creates unprecedented marketplace liquidity, enhanced by atomic settlement and instant clearing.
Leadership and Execution Excellence
The unified company will be led by CEO Michael Tannenbaum, who joined Figure Technology Solutions in April 2024. A seasoned fintech executive with experience as CRO at SoFi and COO at Brex, Tannenbaum has spearheaded rapid growth and marketplace expansion. Under his leadership, Figure achieved over $2 billion in Q2 2025 transaction volume, facilitated more than $50 billion in blockchain transactions to date, and generated $339 million in adjusted net revenue in 2024—all while maintaining 30%+ Adjusted EBITDA margins.
Tannenbaum will collaborate closely with Mike Cagney in his role as Executive Chairman, along with a team of accomplished executives, including Todd Stevens (Chief Capital Officer), Ronald Chillemi (Chief Legal Officer), and Macrina Kgil (Chief Financial Officer). Kgil brings extensive financial expertise, having served as CFO of OneMain Holdings and Blockchain.com, while Stevens and Chillemi bring deep capital markets and legal acumen to the table.
Matt Hellwinkel and Clare Hove will lead technology and product development, respectively, ensuring continued innovation and scalability. “Together, our team has delivered sustained operational performance while laying the groundwork for Figure’s next chapter,” said Tannenbaum. “Our strength lies in our shared vision, disciplined rigor, and relentless execution. With our proven technology and deep partner ecosystem, Figure has an incredible first-mover advantage to capture the immense growth potential in tokenizing real-world assets.”
Strategic Wins and Market Momentum
The merger builds on a period of accelerating momentum for Figure, marked by several key achievements:
- Democratized Prime Launch: Figure’s DeFi alternative to prime brokerage and warehouse lending debuted with its first institutional partner, unlocking decentralized funding opportunities for tokenized assets.
- Rapid Adoption of Figure Connect: Since its launch in June 2024, Figure Connect has attracted nearly 200 participants—including fintechs, traditional mortgage companies, and credit unions—facilitating billions of dollars in transactions.
- Strategic Joint Venture with Sixth Street: A partnership committing over $2 billion in liquidity further strengthens Figure’s ability to bridge traditional finance and blockchain infrastructure.
- Landmark Securitization: In June 2025, Figure completed a $355 million securitization of mortgage assets (FIGRE 2025-HE3), earning S&P Global Ratings’ first-ever AAA rating for a blockchain-native deal across all six bond classes. This milestone validates the credibility and stability of blockchain-based financial instruments.
Unlocking the Potential of Tokenized Assets
The opportunity to revolutionize capital markets is vast and largely untapped. In 2023 alone, over $1.5 trillion in private credit capital was raised, yet originators continue to face challenges such as limited access, opaque pricing, and high costs. Figure’s blockchain-powered infrastructure addresses these pain points by providing originators with liquidity, certainty, and cost efficiency. Moreover, with only 1% of real-world assets currently tokenized, Figure’s ecosystem is uniquely positioned to dramatically expand access to capital, reduce friction, and modernize the foundation of financial markets.
Figure’s approach innovates across three critical primitives: transactions, liquidity, and lending. By standardizing assets and enabling real-time settlement, Figure reduces friction and enhances marketplace liquidity. Smart contracts facilitate cross-collateralization, unlocking decentralized funding opportunities for tokenized assets.
A New Era for Capital Markets
The merger of Figure Technology Solutions and Figure Markets represents a pivotal moment in the evolution of global capital markets. By combining cutting-edge blockchain technology, a robust partner ecosystem, and a talented leadership team, Figure is poised to lead the charge in transforming how assets are originated, traded, and financed. As the market for tokenized real-world assets continues to grow, Figure’s first-mover advantage and proven track record position it to capture significant value and drive meaningful change across the financial landscape.
About Figure Technology Solutions
Figure Technology Solutions is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 175 partners use its loan origination system and capital market. Collectively these partners have originated over $16 billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing component is Democratized Prime, Figure’s on-chan lend-borrow marketplace. It also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and YLDS – an SEC-registered yield-bearing stablecoin that operates as a tokenized Money Market Fund.
