In a crypto landscape increasingly divided between centralized exchanges and decentralized finance (DeFi) protocols, Figure Markets positions itself as a hybrid platform that connects the two worlds.
Launched as part of the Figure Technology Solutions, Inc. ecosystem, Figure Markets aims to combine elements of traditional finance (TradFi) with blockchain-based products. The platform provides a single interface to trade, earn, and borrow while emphasizing user control of assets through self-custody solutions.
At its heart, Figure Markets is a self-custody digital asset platform that enables users to buy and sell cryptocurrencies, access lending products, and earn yield from both crypto and real-world assets (RWAs). Unlike many mainstream exchanges, Figure Markets stresses user ownership by using advanced wallet technology that keeps funds under the user’s control rather than holding them custodially on the platform.
What sets Figure Markets apart is its effort to go beyond standard exchange functions. The platform integrates real-world finance products—such as home equity-backed lending—into a blockchain environment, enabling users to earn yield derived from traditional assets rather than solely from speculative crypto mechanisms.
Figure Markets markets itself as an “all-in-one” financial app where trading, borrowing, and earning coexist in a unified ecosystem. This design aims to attract a broad audience, from self-custody advocates seeking yield to more traditional investors looking for familiar financial products.
Rather than competing purely as another crypto exchange, Figure Markets is positioning itself as a next-generation capital markets platform.
Company Background and Vision
Figure Markets is part of the Figure Technology Solutions (FTS) ecosystem, a NASDAQ-traded fintech company founded by Mike Cagney, the former CEO and co-founder of SoFi. FTS has focused on modernizing financial services by leveraging blockchain technologies to bring traditional assets, like loans, on-chain.
The 2024 launch of Figure Markets extended the company’s vision of creating a marketplace where users can interact with both crypto and real-world financial products in a single environment. Central to this strategy is the Provenance Blockchain, a purpose-built network designed to support asset tokenization and transparent financial operations.
Overall, Figure Markets reflects a broader ambition to rebuild capital markets infrastructure using blockchain while maintaining regulatory alignment and institutional-grade standards.
Core Features: Overview
Figure Markets is built as an all-in-one financial platform that consolidates services often spread across exchanges, wallets, and DeFi protocols. Its core appeal is simplifying access to crypto and blockchain financial products while preserving control and transparency.
Key features include:
- Self-custody wallet
Users retain control of their assets via self-custody wallets and multi-party computation (MPC) technology, reducing reliance on centralized custody solutions.
- Integrated trading functionality
The platform enables buying and selling of supported cryptocurrencies within the same application, with peer-to-peer execution through the Figure Markets Exchange on the Provenance Blockchain.
- Earn products with real yield
Democratized Prime is a decentralized lending marketplace on Figure Markets that provides yield opportunities backed by real-world assets rather than only crypto incentives.
- Crypto-backed loans
Crypto-backed loans let users unlock liquidity without selling digital assets by using those assets as collateral.
- Real-world asset exposure
RWAs enable participation in blockchain-based financial products tied to traditional assets, such as loans and home equity lines of credit (HELOCs).
- On-chain transparency
Transactions and asset activity are recorded on the Provenance Blockchain, offering visibility and accountability.
Trading Experience and Supported Assets
Figure Markets offers a streamlined trading experience that feels familiar to users of centralized exchanges while operating within a self-custody framework. The platform emphasizes simplicity and accessibility, making it easy to buy and sell crypto without navigating complex order books.
The platform highlights low trading fees, lowering the barrier to entry for casual users and long-term investors. Rather than catering exclusively to high-frequency traders, Figure Markets favors an intuitive trading flow more akin to a fintech app than a professional trading terminal. At the same time, its pro trading interface will appear familiar to users of established centralized exchanges.
Liquidity is still developing as the platform is relatively new, but integration with the wider Figure ecosystem should support improvements in depth and pricing over time.
The trading experience is particularly well suited for:
- Users who prefer ease of use over advanced trading tools
- Investors focused on core crypto assets and self-custody
- Lenders seeking access to yield generated by private credit assets previously reserved for institutions
- Existing Figure users who already use the platform for earning or borrowing
Earning and Yield Products
Figure Markets emphasizes yield generation through products tied to real-world financial activity, distinguishing it from many DeFi protocols where returns are often driven by token emissions or speculative demand.
Democratized Prime sits at the center of this offering. It is a decentralized lending marketplace that connects pools to loans originated within the Figure ecosystem and partner originators, including auto loans and home equity products. Figure is a notable non-bank HELOC lender in the U.S., having originated significant liquidity in that market.
Users can also access yield-bearing digital assets such as YLDS, a proprietary yield-bearing stablecoin issued by the Figure Certificate Company (FCC). YLDS is structured as a registered security and was the first yield-bearing stablecoin registered with the SEC. Products like YLDS and Democratized Prime are designed to generate income with comparatively conservative risk profiles versus volatile staking strategies. YLDS targets yields tied to SOFR minus a spread, and Democratized Prime pools have historically targeted yields in a mid-single-digit range, subject to market conditions.
Key highlights of the earning experience include:
- Attractive target yields
- RWA-backed returns
- Focus on passive income
- Integrated access within the platform
These earning products carry risk: returns depend on borrower performance, collateral quality, and market conditions. The suite is best suited for users seeking more predictable, income-oriented strategies rather than speculative gains.
Borrowing and Lending Services
In addition to trading and earning, Figure Markets provides borrowing and lending services, including crypto-backed loans originated by Figure Lending LLC and Figure Markets Credit LLC for New York and international customers. These loans unlock liquidity without selling crypto and form a core part of the platform’s hybrid model.
Users can take out loans against digital assets using flexible rate options through Democratized Prime or fixed-rate crypto-backed loans, preserving market exposure while accessing cash or stablecoins—useful for long-term holders who want to avoid taxable events associated with selling.
Notable features include:
- Streamlined application process
- Flexible use of funds
- Competitive rates (example: 8.91% with illustrative APRs depending on LTV)
- Optional liquidation protection in specific jurisdictions
Users should be aware of liquidation risks in volatile markets. For those who purchase liquidation protection where available, additional fees may prevent liquidations or margin calls triggered by price movement during the loan term, though liquidation may still occur for delinquency.
Flagship Products
Democratized Prime
Democratized Prime is a decentralized lending marketplace that connects lenders and borrowers with institutional-grade yield opportunities. It enables users to set preferences and participate in overcollateralized pools backed by real-world assets, offering hourly liquidity and yield that varies with market conditions.
- Target yields subject to market conditions
- Overcollateralized pools for lender protection
- Real-world asset backing
- Frequent liquidity windows
Crypto-Backed Loans
Crypto-backed loans let users access liquidity without selling their digital assets. Borrowers retain crypto exposure while receiving funds, often with competitive fixed rates and quick access.
- Preserve crypto exposure
- Competitive fixed and flexible rates
- Fast funding options
User Interface Experience (UI/UX)
Figure Markets focuses on a clean, user-friendly interface rather than a trader-heavy experience, while still providing the tools advanced users need. Navigation separates trading, earning, and borrowing into distinct sections for easy switching between features. The layout resembles a modern neobank app more than a traditional exchange, appealing to users who value simplicity and accessibility.
Onboarding is integrated and guided, covering account setup, identity verification, and wallet creation to reduce friction common with self-custody platforms. The mobile app is a core focus, delivering responsive performance and smooth execution for buying and selling through both consumer and professional interfaces.
Security, Regulation, and Compliance
Security and regulatory alignment are central to Figure Markets’ value proposition. The platform’s self-custody model uses MPC to distribute private key management across multiple parties, reducing single points of failure and offering a compromise between full self-custody and custodial solutions.
Figure Markets benefits from its affiliation with Figure Technology Solutions, which operates within established financial frameworks and has introduced several blockchain-first innovations. Subsidiaries and regulated entities within the Figure group include an SEC-registered Alternative Trading System, a FINRA-registered broker-dealer, a SEC-regulated transfer agent, a registered investment company (FCC), state-regulated money transmitter services, and a state-licensed lender.
Building on the Provenance Blockchain further improves transparency by making transactions and asset movements verifiable on-chain.
Conclusion
Figure Markets seeks to evolve the cryptocurrency platform model by blending centralized exchange convenience, DeFi mechanics, and traditional financial services into one ecosystem. It may be especially useful for investors focused on passive income and predictable yield through real-world asset exposure while valuing self-custody and a streamlined user experience.
The platform’s most notable strengths are its RWA-backed yield opportunities through Democratized Prime and competitive crypto-backed loan options that provide flexibility without requiring users to sell their assets.
Disclosures
*Crypto-backed loans are provided by Figure Lending LLC dba Figure (NMLS 1717824). Loans are subject to approval. Crypto collateral may be liquidated. Terms apply—see disclosures at figure.com/disclosures/
©2026 Figure Lending LLC
Figure Lending LLC dba Figure, 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 819-6388. NMLS ID 1717824. For licensing information visit the NMLS Consumer Access website.
Equal Opportunity Lender. For general customer support call (888) 819-6388 Monday–Friday, 6am–9pm PT; Saturday–Sunday, 6am–5pm PT (excluding holidays).
Equal Housing Opportunity. This site is not authorized by the New York State Department of Financial Services. Mortgage solicitation or loan applications for properties in New York cannot be facilitated through this site.
Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections.
Availability:
Crypto loans are offered to U.S. borrowers by Figure Lending LLC and are not available to residents of DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA. Crypto loans are offered through Figure Markets Credit LLC to New York residents and international customers, except in specified restricted jurisdictions.
Lender & Licensing:
Figure Markets Credit LLC, 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 926-6259. NMLS ID 2559612.
Crypto loans generally start at a minimum of $5,000 and are subject to state and jurisdiction-specific limits. Loan amounts depend on collateral, eligibility, and other personal information provided during application.
- Minimum and maximum loan amounts may vary by state-specific legal limits.
- Representative repayment example: a 12-month loan at an illustrative rate. APR and rates vary with LTV and market conditions; interest-only terms and initial maximum LTVs apply in certain offerings.
- Obtaining a crypto-backed loan generally does not trigger an immediate taxable event; tax treatment varies by individual—consult a tax advisor.
- Liquidation protection is available only in selected states; liquidations may still occur for delinquent loans. Detailed liquidation protection disclosures are available with the lender.
- Approval is not guaranteed.
Investment products: Not FDIC Insured, No Bank Guarantee, May Lose Value.
YLDS stablecoins are unsecured face-amount certificates issued by Figure Certificate Company (FCC) and are not bank deposits or FDIC-insured. These certificates carry risks including credit risk, interest rate risk, and prepayment risk. Past performance is not an indicator of future results. Read prospectuses and offering materials carefully before investing.
The On-Chain Public Equity Network (OPEN) and related services are provided by the Figure group. Public equity trading is available through an Alternative Trading System operated by a FINRA/SIPC member broker-dealer. Check broker and firm backgrounds at FINRA’s BrokerCheck.
Investment in common stock or blockchain-native shares involves significant risk and may result in loss of some or all invested capital. Investors should conduct due diligence and consult professional advisors before investing.
Rates for Democratized Prime are variable and not guaranteed; participation is subject to terms and conditions posted by Figure Markets and its affiliates.
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