Pantera Capital's Ryan Barney on Figure's IPO and the Future of Crypto

Figure Technologies' IPO and Blockchain's Role

• 🚀 Figure Technologies, a blockchain business, has seen its IPO trading debut up by 34% from its issue price.
• 💡 The company's core mission is to leverage blockchain technology to provide liquidity on home equity faster, more efficiently, and often cheaper than traditional banks.
• 🎯 Figure has originated over $16 billion in loans and facilitated over $55 billion in on-chain transactions since starting in 2018.

Eliminating Intermediaries with Blockchain

• 🧩 Blockchain technology inherently reduces the number of intermediaries in financial and capital markets, enabling direct computer-to-computer communication.
• 🛠️ By verticalizing the stack and bringing processes onto the blockchain, Figure streamlines loan origination and funding, reducing the number of steps required.
• 💰 This efficiency allows Figure to capture value by charging for the time savings and improved process for both originators and consumers.

Stablecoins and the Future of Banking

• 📈 Stablecoins have gained significant traction, proving their real-world use cases and attracting attention to the crypto space.
• 🏦 With 96% of stablecoins backed by US dollars or treasuries, they may offer a safer alternative to the traditional banking system, potentially capturing a significant portion of the deposit base over the next decade.
• 🌍 The borderless nature of crypto is poised to bring financial services to underserved populations globally, facilitating faster and cheaper remittances.

The "Mag Seven" of Crypto

• 🌟 Ryan Barney anticipates a future equivalent of the "Mag Seven" in the crypto and blockchain space, with companies like Figure being potential candidates.
• 🌐 The disintermediating power of blockchain technology is expected to transform various sectors, including lending, asset tokenization, equities, and stablecoins.
• 🏦 While traditional custodians manage vast sums, the ultimate goal for crypto-focused companies is to create global, borderless financial services, not just replicate existing models.