Fintech firm Figure Technology Solutions has submitted another Initial Public Offering (IPO) application to the United States Securities and Exchange Commission (SEC). The firm, a blockchain-focused firm, is best known for tokenized asset markets and on-chain lending infrastructure.
According to the filing, the fintech firm seeks to gain permission to make its own equity available directly on a public blockchain with this recent IPO submission. This move comes just a few days after Figure Technology’s recent listing on Nasdaq. The latest public offering aims to expand the use of decentralized finance (DeFi) on the Solana blockchain.
Figure set for another IPO to explore Solana
Mike Cagney, the co-founder and CEO of financial services company Figure Technology Solutions, announced the latest development during the Solana Breakpoint conference. According to Cagney, this recent public offering aims to establish what he refers to as “a new version of Figure equity on a public blockchain,” with a particular focus on Solana.
Afterwards, the co-founder made it clear that this blockchain-based equity would not be made available for trade on regular exchanges, such as the Nasdaq or the New York Stock Exchange. Cagney also noted that it will not rely on brokers such as Robinhood or leading firms like Goldman Sachs. Preferably, it will be issued and made available for trade directly on the blockchain via Figure’s alternative trading system.
Cagney referred to this trading system as “essentially a decentralized exchange.” The American entrepreneur also argued that investors can utilize the tokenized security within DeFi protocols, which will enable them to borrow against it or lend it out, following the introduction of equity directly on Solana. Meanwhile, sources close to the situation mentioned that the firm’s main objective extends further than merely tokenizing its own shares.
They cited an earlier statement from Cagney where the CEO outlined intentions to assist other firms, enabling them to offer equity directly within the Solana ecosystem. “One of our main goals is not only to bring equity into the Solana ecosystem but also to allow for native Solana equity issuance,” he said.
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