Figure IPO: Mike Cagney Reportedly Says Company Aims To Be ‘Mag 7’ of Web3, Eyes Blockchain-Traded Stock After Nasdaq Debut
Synopsis
In an interview with CNBC, Cagney said he wants to create a second version of the company’s stock that lives entirely on blockchain rather than being a traditional DTCC-registered security after IPO.
Figure Technologies Co-Founder and Executive Chairman Mike Cagney reportedly said on Thursday that the company is positioning itself as a leading player in Web3 and is preparing to launch a blockchain-native version of its stock eventually.
“Well, I think the way we look at it is just like, there's a mag seven of web 2.0, you're going to have something like that for web 3.0. The technology is so big, it's so pervasive, and it's really going to change the world. And we think we're one of those companies,” Cagney said in an interview with CNBC.
Cagney added that Figure intends to move further into credit markets but is also planning a “fast follow” to issue a second version of its equity entirely on blockchain, bypassing traditional intermediaries like the Depository Trust and Clearing Corporation (DTCC) and Nasdaq.
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