Figure Announces the On-chain Public Equity Network (OPEN) Running on Provenance Blockchain

Core Viewpoint - Figure has launched the On-Chain Public Equity Network (OPEN), enabling companies to list their equity natively on the blockchain, marking a significant shift from traditional equity markets [1][3]. Group 1: OPEN Network Features - OPEN allows for continuous trading through a limit order book using Figure's Alternative Trading System (ATS) [2]. - Shareholders can utilize Figure's Democratized Prime, a decentralized finance (DeFi) protocol, to borrow against and lend their stock, eliminating the need for traditional prime brokers [2][7]. - The blockchain registry reduces costs and capital requirements associated with the Depository Trust and Clearing Corporation (DTCC) [7]. Group 2: Market Adoption and Support - Market makers like Jump Trading LLC are preparing to onboard to the blockchain, while BitGo will provide custodial services for OPEN shareholders [4][5]. - Figure is actively building a business development effort to drive adoption of OPEN, with initial commitments for future on-chain issuances [5]. Group 3: Company Background and Achievements - Figure Technology Solutions, Inc. has originated over $21 billion in loans on the blockchain, establishing itself as a leader in real-world asset tokenization [6][8]. - The company’s recent securitization received a AAA rating from S&P and Moody's, a first for blockchain finance [8].