Figure Markets

Figure Markets – Overview

Most crypto lenders ask you to pick a side: either hand your coins to a custodian and trust their vault, or go fully decentralized and accept smart contract risk. Figure Markets tries to split the difference. Collateral sits in a self-custody wallet secured through MPC, multi-party computation, a setup where no single party (not even Figure) holds a complete private key on their own.

Getting a loan starts with picking your terms rather than waiting on approval. You deposit BTC, ETH, or SOL, and the loan-to-value ratio you choose determines both how much you can borrow and what rate you’ll pay. Sit at 50% LTV and you’re looking at around 9.999% APR. Push up toward the 75% ceiling and that climbs closer to 12.62%. Either way, the rate locks in at origination, so a higher LTV simply trades a bigger loan for a smaller safety cushion, not a moving target you have to keep negotiating with.

Repayment is fairly flexible for a CeFi platform. You can make interest-only payments monthly, or defer the interest altogether for a fee and let it accumulate until maturity, when the remaining balance and any deferred interest come due in one go. Need more time once your term ends? Rolling into a new loan is an option too, though a renewal fee may apply, and you’ll still need to qualify based on where your LTV sits.

Risk management leans heavily on automation here. As your LTV creeps toward the 90% threshold, Figure Markets doesn’t just sit and wait for you to react. Idle funds already sitting in your account get pulled automatically to pay down the loan and buy some breathing room, while email and push notifications keep you posted on exactly where things stand. If your LTV does breach that 90% line despite the automatic paydowns, only a partial liquidation kicks in, just enough collateral gets sold to bring things back to a healthier level, not your entire position at once.

Figure Markets doesn’t rehypothecate collateral either, so your BTC, ETH, or SOL isn’t quietly being lent out to someone else while it backs your loan. There’s no credit check involved in qualifying, and approval typically happens the same day. Loans get paid out in USD or USDC depending on where you’re located.

One thing worth knowing upfront: availability isn’t universal. In the US, the loans run through Figure Lending LLC and aren’t offered in a handful of states, including Texas, Virginia, and Illinois among others, while international borrowers and New York residents go through a separate entity, Figure Markets Credit LLC.