Amid the growing trend of digital currencies, U.S.-based stablecoin issuer Figure Technology has marked a significant achievement. The company raised $787.5 million in its Initial Public Offering (IPO) on Wednesday, pushing its market valuation to $5.29 billion. This success comes at a time when digital assets are gaining broader acceptance, and several other crypto firms are also preparing to enter public markets.
Founded in 2018, Figure Technology uses blockchain technology to connect borrowers and lenders for home loans. The company claims it can fund home equity loans in just 10 days, a significant reduction from the industry average of 42 days. Figure and its existing investors sold 31.5 million shares at $25 each, which was higher than their initially increased price range. The company’s shares are set to begin trading on the Nasdaq from Thursday under the ticker symbol “FIGR”.
