Figure Technology sells $50 million in crypto-backed loans

Fintech company Figure Technology sold a cryptocurrency-backed loan portfolio totaling $50 million to a private credit firm, marking the entry of private credit into the crypto lending market. Figure Technology, co-founded by former SoFi CEO Mike Cagney, focuses on using blockchain technology to provide financial services. This transaction demonstrates the growing interest of private credit institutions in crypto asset-backed loans. Despite the regulatory and market risks in this field, this move could open new avenues for the integration of crypto finance with traditional credit markets.