Figure Technology to Enable Direct Stock Lending Over Blockchain

Blockchain-based lender Figure Technology Solutions Inc. is launching a new platform to issue on-chain equity, allowing investors to lend shares directly to one another without traditional intermediaries.

The On-Chain Public Equity Network, or OPEN, will allow companies to issue equity on Figure’s Provenance blockchain, the company said in a Wednesday statement shared with Bloomberg. Unlike many tokenization efforts, OPEN’s blockchain-based shares will not be synthetic versions of listed stock, according to Figure. Instead, the tokens will represent actual equity ownership that shareholders can lend or borrow against, reducing the role typically played by prime brokers.

Figure plans to be the ...