Figure Technology's Second IPO: Bringing Native Equity to Solana

Figure Technology, a blockchain-based financial services firm focused on tokenized assets and lending, has announced its second public offering targeting native equity issuance on the Solana blockchain. This initiative, following the company’s recent listing on Nasdaq, aims to enhance decentralized finance (DeFi) applications within the Solana ecosystem.

Key Takeaways

Second IPO Filed: Figure Technology is pursuing a second public offering to issue equity directly on Solana.
Decentralized Trading: The new equity will be traded on a decentralization-based system rather than through traditional exchanges.
Broader Goals: Figure aims to facilitate native equity issuance for other companies on Solana.
Growing Ecosystem: Solana is becoming a significant player in the tokenized asset space, competing with Ethereum.

Figure Technology files ‘second IPO’ to bring native equity issuance to Solana

Main Content

Figure Technology, known for its work in blockchain and financial services, has submitted documents for a second public offering. This initiative is intended to enable the direct issuance of native equity on a public blockchain, specifically targeting Solana. The announcement was made by Figure executive chairman Mike Cagney at the Solana Breakpoint conference, following the company's recent listing on Nasdaq.

Cagney explained that the new equity will not be traded on conventional stock exchanges such as Nasdaq or the New York Stock Exchange. It will not depend on intermediary services like those provided by Robinhood or major investment firms like Goldman Sachs.

Solana's RWA metrics, excluding stablecoins. Source: RWA.xyz

Instead, this security will be issued and traded natively on-chain via Figure’s alternative trading system, which functions similarly to a decentralized exchange. By issuing equity on Solana, investors will have the ability to utilize the tokenized security within DeFi protocols, allowing for borrowing and lending options, according to Cagney.

Beyond merely tokenizing its shares, Figure Technology envisions supporting native equity issuance for other businesses within the Solana ecosystem. This approach indicates a broader ambition to foster growth and innovation on the blockchain.

Tokenization on Solana is Gaining Momentum

Solana is rapidly establishing itself as a leading public blockchain, particularly noted for its activity in tokenized assets. Over the past year, the platform’s share in the real-world asset (RWA) market has seen consistent growth. While Ethereum remains the dominant player in tokenization, experts believe that Solana is poised to emerge as the financial sector’s chosen network for stablecoins and tokenized assets in the future.

According to Matt Hougan, chief investment officer at Bitwise, as Wall Street assesses the sustainability of tokenized assets, focus is shifting toward blockchains that offer exceptional speed, throughput, and quick transaction finality—qualities where Solana excels compared to various competing networks.

Research conducted by RedStone has recognized Solana as a "high-performance challenger" within the RWA sector, especially within tokenized US Treasury markets.

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