Figure views its upsized IPO as "fuel to expand and to be a first mover," CEO Michael Tannenbaum says. The blockchain lender is betting investors will treat it less like a consumer lender and more like an exchange operator. Its shares opened today at $36, or over 40% above its $25 IPO price, giving the company a market value of around $7.6b.
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Figure CEO sees IPO as a catalyst for its next phase
"There are three sets. On the crypto side, we bring content — tokenized loans — into the ecosystem, which can be funded or borrowed against across platforms. In that sense, we're more like Circle.
