TLDR:
- OPEN enables blockchain-registered public equity distinct from tokenized DTCC securities for lower costs.
- Figure stock becomes first native blockchain public equity with frictionless exchange to Nasdaq listing.
- Democratized Prime protocol eliminates prime brokers by enabling direct stock lending and borrowing for holders.
- BitGo provides custody while Jump Trading delivers market-making for OPEN’s continuous trading system.
Figure has announced the On-chain Public Equity Network (OPEN) on Provenance Blockchain, enabling companies to list public equity directly on blockchain infrastructure.
The platform represents a departure from traditional tokenization models by offering blockchain-registered securities rather than tokenized DTCC instruments.
Figure stock will serve as the inaugural listing, with BitGo and Jump Trading Group providing custodial and market-making support respectively.
Figure’s Blockchain Equity Platform Goes Live
OPEN allows companies to register and trade public equity natively on blockchain technology. The network leverages Figure’s Alternative Trading System (ATS) with a limit order book structure.
This design enables continuous trading throughout market hours. The platform eliminates dependence on the Depository Trust and Clearing Corporation for securities registration.
Figure’s approach builds on its track record of originating over $20 billion in blockchain-based loans.
Mike Cagney, Figure’s Executive Chairman, emphasized the platform’s transformative potential in a statement about the launch. “OPEN reinvents equity trading,” Cagney said, noting that benefits over centralized models would incentivize company adoption and investor demand.
“The significant benefits over the centralized incumbent model incent companies to use OPEN and their investors to demand it,” he explained.
Cagney also referenced the company’s established presence in blockchain-based financial services. “After originating over $20 billion in on-chain credit, we’re now excited to bring public equity to Provenance Blockchain,” he stated.
The company filed a public registration statement in November 2025 for a secondary equity offering through OPEN.
Figure intends to maintain frictionless exchange between its OPEN stock and existing Nasdaq equity.
The network introduces Democratized Prime, a decentralized finance protocol for stock-based borrowing and lending. This mechanism removes traditional prime broker intermediaries from the process.
Shareholders can access liquidity by borrowing against their holdings or generating returns through lending. Portfolio margining across multiple asset classes, including cryptocurrency, becomes possible through this DeFi infrastructure.
Cost Reduction and Market Access Benefits
OPEN reduces costs associated with traditional equity market infrastructure through blockchain registry technology.
The platform decreases capital requirements mandated by DTCC for market participants. Self-custody and self-settlement capabilities through the ATS eliminate needs for custodial brokers. This structure democratizes trading access while reducing operational expenses for participants.
Mike Belshe, CEO and Co-founder of BitGo, addressed the broader industry movement toward blockchain-based market infrastructure. “We’re seeing growing momentum across the industry toward more transparent, blockchain-native market structures,” Belshe stated.
He described Figure’s OPEN on-chain offerings as representing the next evolution of digital asset markets. “Figure’s OPEN on-chain offerings represent the next evolution of digital asset markets,” Belshe said.
BitGo expressed commitment to supporting the technical infrastructure required for the platform’s operations. “BitGo is proud to support the infrastructure that enables them to operate securely and at scale,” Belshe added.
The network replaces conventional stock borrow locate processes with a transparent limit order book. This change redirects stock loan economics directly to shareholders instead of prime brokers.
Portfolio margining through DeFi protocols supports potentially higher advance rates. Cross-collateralization becomes more efficient across different asset classes within the ecosystem.
Figure has established a dedicated business development team to drive OPEN adoption among potential issuers. The company has secured its first commitment for the next on-chain issuance beyond its own listing.
Figure anticipates strong interest from digital asset companies and blockchain-native firms. Market makers and service providers have begun technical preparations for network participation.
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Source: https://blockonomi.com/figure-launches-open-network-for-native-blockchain-public-equity-trading/
