The Pomp Podcast How Blockchain & Bitcoin Are Reshaping Wall Street | Mike Cagney
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Sep 16, 2025 
Mike Cagney, Founder and Executive Chairman of Figure and a SoFi co-founder, dives into the future of finance. He highlights the power of Bitcoin-backed loans, allowing borrowers to access liquidity without relinquishing their assets. The discussion also covers how blockchain is reshaping financial infrastructure and democratizing access to capital through decentralized finance (DeFi). Cagney sheds light on the challenges of tokenization and the evolving relationship between traditional banks and digital assets, setting the stage for a revolutionary shift in finance.
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Power Of Native Digital Securities
- Native digital securities unlock transactional, liquidity, and financing benefits that traditional tokenization cannot match.
- Figure demonstrated >100 bps savings and built a blockchain marketplace that raised EBITDA margins substantially.
Becoming Your Own First Customer
- Figure started as a direct-to-lender because banks wanted to be late adopters and not the first consumer of blockchain technology.
- Over 40% of Q2 volume flowed through Figure's marketplace after they disintermediated themselves and let third parties access capital directly.
Wallet As Primary Financial Account
- A single blockchain wallet could hold cash, crypto, and tokenized assets, letting users pay and invest from one medium.
- That shift could reduce the need for traditional bank accounts and transform deposit flows into DeFi lending.