Figure Technologies Makes Accomplished NASDAQ debut
On September 11,Figure Technologies,a blockchain-focused consumer lending platform,enjoyed a successful launch on the NASDAQ.This milestone marks a notable moment for the industry, as the company raised $787.5 million by selling 31.5 million shares at $25 each.
The initial excitement was palpable as shares opened at a staggering $44, more than double the offering price. Though the price eventually settled at $31, this still pointed to strong investor enthusiasm for blockchain initiatives. The company’s valuation now stands at $7.62 billion.
Mike cagney, co-founder of figure Technologies, highlighted the transformative potential of blockchain in streamlining financial processes. The goal, he noted, is to reduce costs by minimizing reliance on intermediaries. “Blockchain can cut the number of parties involved in transactions from seven to just two,” Cagney explained.
Unlike many crypto ventures, Figure is grounded in real-world applications. The company focuses on modernizing home equity loans, offering swift approval times—just 5 to 10 days compared to the usual 42-day wait.
By leveraging blockchain, Figure streamlines data tracking for credit scores and property values, ensuring openness. Yet, critics argue that conventional expertise might still hold value, challenging Figure’s approach.Nonetheless, the company shows promise in utilizing technology to address longstanding industry issues.
