Bloomberg Tech Crypto-Based Lender Figure Joins IPO Frenzy
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Sep 11, 2025 
Mike Cagney, co-founder and Executive Chairman of blockchain lender Figure, discusses the buzz around their IPO and how it's opening doors for retail investors. He explores the challenges and opportunities in the crypto lending landscape. Meanwhile, Amjad Massad, CEO of AI coding platform Replit, shares insights on 'vibe coding'—a new approach that democratizes software development for non-coders. Together, they shed light on how these innovations are reshaping finance and tech, bridging traditional and emerging markets.
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On-Chain Lending As A Durable Business
- Figure built a profitable, on-chain lending business by originating loans on public blockchains since 2018.
- Mike Cagney argues tokenized real-world assets and on-chain equities are the next major growth vectors.
Push Tokenized Equities For Liquidity Gains
- Lean into tokenized equities to capture efficiency and liquidity benefits not present in DTCC securities.
- Consider enabling native blockchain issuance and stock control for buy-side clients to differentiate offerings.
Give Retail A Significant IPO Allocation
- Allocate meaningful IPO shares to retail to nurture a democratized investor base.
- Treat retail ownership as strategic for product adoption and ecosystem growth.