Figure Technology unveils blockchain platform for direct stock lending: Report
The Nasdaq-listed company is rolling out an onchain equity system that allows real shares to be issued and lent directly on blockchain infrastructure.
Figure Technology Solutions, a blockchain-focused financial technology company, is pushing stock lending on-chain with a new system that allows investors to lend shares directly to one another without relying on traditional securities intermediaries.
Bloomberg reported Wednesday that the company has launched the On-Chain Public Equity Network, known as OPEN, which allows companies to issue real equity directly on Figure’s Provenance blockchain.
Unlike other tokenized stock offerings, which typically mirror existing shares through synthetic instruments, the equity issued on OPEN represents actual ownership. Those shares can be lent or pledged directly on the blockchain, bypassing intermediaries such as custodians, exchanges and brokers, according to Figure CEO Mike Cagney.