Figure Markets Introduces a Marketplace for FTX Claims


SAN FRANCISCO--()--Figure Markets today announced the launch of a marketplace for FTX creditors and investors to trade FTX claims. Figure Markets is democratizing finance through blockchain by building the exchange for everything - a decentralized custody marketplace for crypto, stocks, bonds, credit, bankruptcy claims and more. Creating a marketplace for FTX claims is Figure Market’s latest step towards this goal of democratization.

Figure Markets will allow bids and offers on any size claim, helping creditors access their funds faster than they would through traditional estate distributions and giving investors access to the widest number of claims possible. To date there have been over $4bn dollars worth of claims that have exchanged hands. Despite this large volume, only 0.2% of the 1.8mm customer claims have traded, leaving many creditors still looking for liquidity. The marketplace will also show all bids, offers and executed trades, bringing much needed transparency to the bankruptcy claims trading process.

When we looked at the FTX claims process, we saw clear ways to improve it,” said Mike Cagney, Co-Founder and CEO of Figure Markets. “The people hit hardest by FTX's collapse are those with the smallest claims, and our new market for FTX claims will give them an opportunity to recover their funds faster. We believe the transparency we are bringing to the market helps buyers and sellers with improved liquidity.”

Sellers can get started by checking their claim's value, completing verification, and receiving a bid. They can then opt to accept the bid, finalize the sale, and receive funds in their Figure Markets account in USDC. Alternatively, they can list their claim on the exchange at a higher price. Once a bid is accepted, the sale can be finalized within two business days. Claimants selling FTX claims can either withdraw their funds or keep them in their Figure Markets account for trading, lending, or investing.

Buyers can get started by opening a Figure Markets account to view the order book, review real-time bids and asks for FTX claims, and check historical prices. When ready, buyers can finalize their bid, fund their account, and upon successful claim purchase, future Estate distributions will be deposited into their Figure Markets wallet in USDC.

Buyers and sellers can get started at:

About Us

Figure Markets is democratizing finance through blockchain. We’re building the exchange for everything - a decentralized custody marketplace for crypto, stocks, bonds, credit, bankruptcy claims and more. We’re bringing best in class leverage, margining and liquidity to our exchange, while offering our members extensive borrowing options and unique investment opportunities.

Figure Markets is built on the Provenance Blockchain, and we use its native token, Hash, on the exchange. Provenance Blockchain embodies truth over trust, and provides a foundation for Figure Markets to bring transparency and efficiency in a decentralized world.

Figure Markets is backed by leading venture capital firms and strategic partners, including Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital and CMT Digital. Figure Markets was founded by a seasoned team of entrepreneurs and operators from tradfi, fintech and defi, including Mike Cagney and June Ou.

To learn more about Figure Markets, visit our website, and follow us @FigureMarkets.