Gibraltar-licensed private bank offering interest-bearing USD accounts paid daily in Bitcoin
KYC requiredSavings / earn · Crypto-backed loansUnited Kingdom · GlobalFlexible (withdraw any time)
Figure
Blockchain lending platform originating over $30B in loans with crypto-backed credit at 50% LTV
4.1/ 5
Our score
Very good
Products
Savings / earnCrypto-backed loans
Highest advertised APY
9%
Max loan-to-value
50%
Available in
United States
KYC required
Yes
What is Figure?
Figure is a blockchain-native capital marketplace and consumer lending platform that combines traditional credit origination with decentralized infrastructure. As of October 2026, the platform and its partners have originated more than $30 billion in loan volume across 382,000 households, primarily through home equity lines of credit (HELOCs), consumer credit syndication, and collateralized digital asset financing.
Leadership and corporate background
Figure Technology Solutions was co-founded by Executive Chairman Mike Cagney, who also serves as CEO of FMH and President of Figure REIT, alongside co-founder June Ou. The company is led by Chief Executive Officer Michael Tannenbaum. In September 2026, Figure completed the acquisition of real estate lender Kiavi, following a $600 million private offering of senior notes completed in July 2026 to support its lending operations and marketplace expansion.
Lending mechanics and digital asset products
Figure enables borrowers to access liquidity through multiple loan structures. Its crypto-backed loan program lets clients pledge Bitcoin (BTC), Ethereum (ETH), or Solana (SOL) as collateral at a 50% loan-to-value (LTV) ratio. These loans carry a 12-month term with interest-only monthly payments, structured at an 8.91% interest rate (9.999% APR). Through Figure Markets and its Democratized Prime marketplace, participants can also lend cash or cryptocurrency to earn yields up to 9% against real-world assets or by supporting margin trading activity. Transactions settle across the Provenance blockchain, integrating SEC-registered, interest-bearing YLDS certificates backed by short-duration US Treasuries.
Fees and geographic availability
Standard HELOC rates start as low as 7.35% APR, with approvals delivered online in minutes and funding in as few as five days. DSCR loans allow real estate investors to qualify on property rental cash flows rather than personal income without a hard credit pull. Figure operates across the United States, though its mortgage and HELOC products are excluded in the State of New York. Identity verification (KYC) and asset verification are mandatory for all borrowers.
Platform risks and trade-offs
Borrowing against volatile collateral like BTC, ETH, and SOL exposes users to liquidation if collateral market values drop below required thresholds. Digital asset lending and yield products also involve counterparty exposure, as capital on Democratized Prime is lent out against real-world assets or margin positions rather than held in segregated cold storage. Additionally, Figure restricts its real estate lending from New York residents, limiting nationwide access.
Founders
Mike CagneyCo-Founder and Executive Chairman
Board member of Figure Technology Solutions, CEO of FMH, and President of Figure REIT.
June OuCo-Founder
Former President of FT and board member of Figure Technology Solutions.
Best for:Holders borrowing against BTC, ETH, or SOLUS homeowners needing fast HELOC fundingReal estate investors using rental income
Pros and cons
Pros
- Fixed 8.91% interest rate at 50% LTV for crypto loans
- Over $30B in total loan origination volume
- Underwriting for HELOC lines up to $750,000 approved in minutes
- Yields up to 9% through Democratized Prime lending
- Triple-A rated loan securitizations on blockchain infrastructure
Cons
- Mortgage and HELOC products are unavailable in New York State
- Digital asset collateral is restricted to BTC, ETH, and SOL
- Yield products carry counterparty exposure to borrower default and margin positions
- Mandatory KYC identity checks for all credit products
Our review
4.1/5
Very good
Figure provides institutional-grade crypto-backed lending and yield on real-world assets, though participation requires full identity verification and restricts mortgage products in New York.
Figure is a blockchain-native lending platform and capital marketplace founded by Mike Cagney and June Ou, led by CEO Michael Tannenbaum. Through its ecosystem, Figure has originated more than $30 billion in loans across 382,000 households as of October 2026. The platform bridges traditional real-world assets with digital finance, issuing loans on the Provenance blockchain and using YLDS, an SEC-registered, interest-bearing security, for settlement.
For crypto holders, the platform provides collateralized loans against Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Borrowers can access credit at a fixed 50% loan-to-value ratio, with a 12-month term featuring interest-only payments. The stated borrowing rate is 8.91% interest (9.999% APR). Through its Democratized Prime marketplace on Figure Markets, lenders can deploy cash or digital assets to generate up to 9% yield by backing margin traders and real-world asset originations.
Figure holds several documented strengths:
- Multiple loan securitizations on Figure have received AAA credit ratings from S&P and Moody's.
- The parent company, Figure Technology Solutions, generated $167 million in net revenue and $45 million in net income in the first quarter of 2026 alone.
- Beyond crypto-backed lines, Figure originates home equity lines of credit up to $750,000 and DSCR investor loans.
Trade-offs remain central to the model. Borrowers face strict compliance checks, and the platform excludes State of New York residents from its mortgage and HELOC products. Unlike permissionless DeFi protocols, Figure is a centralized financial institution requiring complete identity verification. The crypto lending service supports only three collateral assets, so traders cannot borrow against broader altcoin portfolios. Figure suits United States real estate owners and digital asset investors seeking regulated, fixed-term liquidity, whereas decentralized finance participants seeking anonymous or non-custodial borrowing should look elsewhere.
Specs
| KYC required ⓘ | Yes · unverified |
|---|---|
| Products | Savings / earn, Crypto-backed loans · unverified |
| Highest advertised APY ⓘ | 9% · unverified |
| Max loan-to-value | 50% · unverified |
| Loan APR from | 10% · unverified |
| Supported assets | 3 · unverified |
| Available in | United States · unverified |
| Fixed terms | Yes · unverified |
Not disclosed by the provider: Proof of reserves, Insurance, Licenses & registrations, Flexible (withdraw any time), Auto-compounding.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Crypto-backed loans
Borrow against BTC, ETH, and SOL collateral at a 50% LTV with an 8.91% interest rate (9.999% APR) on 12-month interest-only terms.
Democratized Prime yield
Lend cash or digital assets on Figure Markets to earn yields up to 9% backed by real-world assets or margin traders.
Home equity lines of credit
Access up to $750,000 against home equity with initial approval in 5 minutes and APR starting at 7.35%.
DSCR investor loans
Pre-qualify for investment property financing using rental cash flow instead of personal income with no hard credit pull.
Provenance settlement
Facilitate credit syndication and cash management using SEC-registered, interest-bearing YLDS certificates backed by short-duration US Treasuries.
Inside Figure
Figure HELOC
An online home equity line of credit that delivers approvals in as few as five minutes and funding within five days for amounts up to $750,000.
Crypto-Backed Loan
A 12-month collateralized borrowing product that allows users to borrow against BTC, ETH, and SOL at 50% LTV with interest-only payments.
Democratized Prime
An on-chain lending marketplace that lets depositors earn up to 9% yield by providing cash or crypto liquidity to margin traders and real-world assets.
DSCR Loan
A debt service coverage ratio financing product that allows real estate investors to qualify for loans based on rental income rather than personal income.
Cash-Out Refinance
A mortgage refinancing option that allows homeowners to consolidate existing personal debt and mortgages into a single payment using home equity.
OPEN
A blockchain infrastructure protocol designed to issue, distribute, trade, and settle tokenized equity and credit instruments.
Figure screenshots
What users say about Figure
Borrowers cite quick HELOC closing times and Figure's automated appraisal process as positives, though one complaint highlights that Figure requires a full initial draw.
In their own words
“Try figure.com if your credit is over 660. They offer a HELOC that can close in 5 days. APR is higher than a traditional mortgage, but you’re paying for convenience if time is a factor.”
“Good question. Here are a few lenders that should be good to do this, but worth a call. Frame it exactly like you gave it to me here when you do call: Third Federal Savings and Loan (thirdfedera.com): Known for prime minus 0.5 as a published rate on HELOCs for strong borrowers, minimal closing…”
“Try Figure.com depending on credit profile and LTV, they will go in 3rd lien position. And no, just because you have an FHA loan currently doesn't mean the HELOC will automatically need an appraisal.”
Based on 17 Reddit posts and comments from the last 12 months, checked Oct 23, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
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FAQ
Who founded Figure?
Figure was co-founded by Mike Cagney and June Ou. The company is led by Chief Executive Officer Michael Tannenbaum.
What are the rates and terms for Figure crypto-backed loans?
Figure offers crypto-backed loans at an 8.91% interest rate, which amounts to a 9.999% APR at a 50% loan-to-value ratio. Loans run on a 12-month term with interest-only monthly payments.
Which cryptocurrencies can you borrow against on Figure?
Figure supports Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as collateral for its crypto-backed loans.
Does Figure have an on-chain token?
Figure issues YLDS, an SEC-registered, interest-bearing face-amount certificate backed by short-duration US Treasuries that settles on networks including Provenance.
Where is Figure available?
Figure operates across the United States, though mortgage and HELOC applications are not available for properties in the State of New York.
How does Figure generate yield on Democratized Prime?
Figure Markets Democratized Prime allows participants to supply fiat currency or supported tokens to earn yields reaching 9% by funding margin positions and tokenized real-world loans.
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