The fintech company Figure recently filed an application with the U.S. Securities and Exchange Commission (SEC) to issue shares directly on the Solana blockchain, marking a bold step in bringing traditional securities onto a public blockchain infrastructure. This news quickly attracted the attention of investors and the crypto community, as it is not just a regular share issuance but is also XEM as a true blockchain-native "second IPO."
Speaking at the Solana Breakpoint conference on December 12th, Mike Cagney, Executive Chairman of the Board of Figure, stated that about a week prior, the company announced a new strategic development: Figure will issue a completely new version of its shares, deployed directly on a public blockchain rather than through traditional financial infrastructure. According to Cagney, this marks Figure's first attempt at issuing shares without relying on the familiar custody and trading systems of Wall Street.
Notably, these shares will not be registered and deposited with DTCC, nor will they be listed on major stock exchanges such as Nasdaq or NYSE. Furthermore, Figure will not utilize popular referral brokers like Robinhood, or prime brokerage services from leading financial institutions like Goldman Sachs. Instead, the entire process of issuing, trading, and marketing the shares will take place directly on the blockchain, through an alternative trading system (ATS) operated by Figure itself.
According to Figure's management, this is a "pure blockchain" security where investors can self-custody their assets, trade independently, and access the market without traditional intermediaries. Investors will link their shares to a dedicated ATS wallet, instead of a conventional brokerage account. From there, these shares can not only be held or traded, but can also be used as collateral for borrowing, lending, and other decentralized finance (DeFi) applications directly on the blockchain.
BingX : A reliable trading platform with a range of benefits for users of all levels.
