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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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.
Liquidity Marketplace As A Competitive Moat
- Figure's moat rests on marketplace liquidity and Figure Connect, letting originators access capital outside traditional GSE channels.
- Cagney predicts banks stressed by deposit shifts will lean on blockchain liquidity solutions.
Business Insulated From Crypto Price Swings
- Figure claims partial insulation from crypto price volatility by focusing on transactional efficiency and traditional-finance exposure on-chain.
- The company views itself as Web3 infrastructure rather than a pure crypto bet.