Figure closes up 24% on its first day of listing, with a market capitalization reaching $6.585 billions

BlockBeats News, on September 12, the blockchain-based lending platform Figure Technologies closed its first day of trading up 24%, with a market capitalization reaching $6.585 billions.

Figure Technology Solutions (FTS), founded by SoFi co-founder and former CEO Mike Cagney, distinguishes itself from traditional financial institutions by building its foundation on blockchain technology from the outset, aiming to reshape the financial paradigm of mortgage and crypto-collateralized loans using blockchain.