Figure Receives Regulatory Approval to Operate Alternative Trading System

Alternative Trading System (ATS) Allows Figure to Operate Security Token Exchange, Bringing Liquidity to Digital Assets

Figure Technologies, Inc., a leader in transforming financial services through the power of blockchain, announced that its subsidiary, Figure Securities, Inc. has become a FINRA-approved broker-dealer and an SEC-registered Alternative Trading System (ATS) for digital securities custodied on Provenance Blockchain.

“The ability to execute trades of securities across our technology platform will enable significant capabilities across our financial services client roster.”

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“Being approved as a broker-dealer and being able to operate our ATS is a transformational event for our company that will have significant impact across the financial services sector,” said Mike Cagney, CEO and Cofounder of Figure. “The ability to execute trades of securities across our technology platform will enable significant capabilities across our financial services client roster.”

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The ATS will allow:

• Figure’s blockchain-based cap table management solution, Adnales, to offer secondary liquidity to private companies.
• Figure’s blockchain-based digital fund services solution to provide fund managers the ability to offer secondary trading capability directly to their fund LPs.
• Asset issuers to create security tokens on Figure’s blockchain Provenance and trade them in an efficient, liquid and bi-lateral manner with zero settlement risk.

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An ATS is a venue for bringing together buyers and sellers of securities. The ATS typically performs the functions commonly performed by an exchange. As of 2018, almost 20 percent of securities transactions occur on alternative trading systems.

FINRA is authorized by Congress to protect America’s investors by ensuring all broker-dealers it accepts for membership operate fairly and honestly. A Broker Dealer is in the business of buying or selling securities on behalf of its customers or its own account or both. FINRA oversees more than 624,000 brokers across the country and analyzes billions of daily market events.

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