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Figure Technology Solutions, the blockchain-focused fintech firm best known for tokenized asset markets and on-chain lending infrastructure, has submitted a second Initial Public Offering (IPO) application to the U.S. Securities and Exchange Commission (SEC).
This time around, the fintech 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 reveals another IPO submission to explore Solana ecosystem
Mike Cagney, the co-founder and CEO of financial services company Figure Technology Solutions, announced their latest decision to file an IPO with the SEC 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, citing an earlier statement from Cagney. In this statement, the CEO outlined intentions to provide assistance to 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.
Solana positions itself as one of the largest public blockchains by activity
Following Figure’s latest decision, analysts acknowledge that Solana has already positioned itself as one of the largest public blockchains by activity. With this classification, they also discovered that Solana is increasingly becoming a crucial player in the tokenized assets market, gradually boosting its holdings in the real-world asset (RWA) market over the past year.
Matt Hougan, the Chief Investment Officer (CIO) at Bitwise Asset Management, a leading crypto asset manager, shared his belief that Solana will probably become the main network for stablecoins and tokenized assets preferred in the financial industry in the future. He made these remarks although Ethereum has solidified its position as a leader in tokenization today.
On the other hand, analysts anticipate that blockchains offering accelerated, high-capacity, and swift transaction finality will draw the interest of most investors in the financial sector. This prediction was released when Wall Street announced that it was carefully examining the viability of tokenized assets over time.
In the meantime, Hougan claimed that Solana has a competitive edge in this sector over several other networks. To support this claim, research from RedStone highlighted that Solana is a “high-performance challenger” in the RWA field, particularly in tokenized US Treasury markets.
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