Blockchainbedrijf Figure Technology from New York wants to go to the stock exchange in the United States. The company, which specializes in loans and trade via blockchain, yesterday submitted an application to the US regulator SEC. Figure wants to be noted on Nasdaq under the Ticker Figr. The question is whether this is the starting signal for a series of successful crypto ipos, or whether the sector passes itself by.
Large banks guide IPO from Figure
The IPO is supervised by, among others, Goldman Sachs, Bank of America and Jefferies Financial Group. Some existing shareholders will sell shares during the IPO. The company itself expects to attract new investors to speed up growth.
Figure achieved a turnover of nearly 191 million dollars in the first half of this year. That is more than 22 percent more than a year earlier. The profit amounted to $ 29 million, while a loss of 13 million dollars was noted last year. Analysts see an important reason why the company now opts for an IPO.
The FinTech was founded in 2018 by Mike Cagney, who previously also founded Sofi, one of the largest online lenders in the United States. Figure uses Provenance, a self -developed blockchain that is intended to make financial products digitally tradable. During an investment round in 2021, the company was still appreciated at $ 3.2 billion and raised $ 200 million.
Blockchain changes financial sector
Figure says it has now provided more than 16 billion dollars in loans via the blockchain and having processed more than $ 50 billion in transactions. According to Cagney, the power of the company lies: “Blockchain can disturb more than existing markets.” By putting historically illiquid assets such as loans on the chain, liquidity can arise where it was never possible before. “
He added that Blockchain can fundamentally change the financial sector. “Today, countless parties are needed to process transactions. Blockchain can reduce that to two: copper and seller.” All intermediate switches disappear. “
Multiple crypto companies opt for IPO
Not only Figure is preparing an IPO, Bullish also has plans to sell shares in New York. The platform wants to raise up to $ 629 million and would therefore reach a rating of 4.2 billion dollars. According to the submission to SEC supervisor, BlackRock and Ark Invest are interested in participation. Bullish also has a large cash position, with a large stock of Bitcoin (BTC) and Ethereum in addition to dollars.
Source: https://newsbit.nl/amerikaanse-beursgang-gepland-door-crypto-kredietverstrekker-figure-technology/
