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FIGR supplier relationships

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FIGR supplier relationship map

FIGR supplier map: who enables Figure’s blockchain-native capital markets

Figure Technology Solutions operates a blockchain-first consumer lending and capital-markets platform that originates loans on-chain, securitizes those loans and sells tokenized securities, while monetizing through lending spreads, securitization fees and capital-marketing services. The company layers traditional investment banking partners and regulated custodians on top of its Provenance blockchain-based trading and settlement rails to convert conventional capital-market flows into blockchain-native instruments. For investors and operators, the supplier list is the playbook for how risk, liquidity and distribution are delivered into Figure’s model.
Explore supplier intelligence and relationship signals at https://nullexposure.com/.

Why the supplier roster matters for returns and risk

Figure’s strategy is to fuse banking distribution with on-chain settlement. That requires three functional supplier groups: (1) custody and settlement partners that secure on-chain holdings; (2) liquidity and market-making partners that ensure tradability; and (3) capital markets and credit infrastructure—ratings agencies and investment banks—that provide investor confidence and distribution. The names on Figure’s partner list are not cosmetic: they directly determine the company’s contracting posture, concentration profile, and operational criticality, and thus are core to valuation and counterparty exposure.

  • Big-bank distribution is explicit: multiple lead managers underwrote recent offerings.
  • Institutional credit-grading is embedded: AAA ratings on securitizations support investor appetite.
  • On-chain plumbing is multi-chain: partnerships extend Provenance into Solana and other Layer 1 networks.

If you want a structured view of these relationships, start from the homepage at https://nullexposure.com/.

Supplier and partner map — one-line relationship summaries

Below I cover every relationship recorded in public reporting and news for Figure (no omissions). Each entry includes a short, plain-English summary and the source context.

BitGo Holdings, Inc.

BitGo acted as a regulated custodian for Figure’s fully on-chain equity trade, keeping custody separate from trading and applying traditional risk controls. Source: Finviz coverage describing the on-chain equity trade (reported March 2026).

Jump Trading

Jump Trading is cited as the liquidity provider responsible for handling market-making and immediate execution liquidity for Figure’s direct blockchain trading. Source: Blockonomi report on direct blockchain trading (March 2026).

Morgan Stanley (Morgan Stanley & Co. LLC)

Morgan Stanley served as one of the lead joint book-running managers and sales agents on Figure’s equity and blockchain-native stock offerings, anchoring distribution to institutional accounts. Source: Globe and Mail / GlobeNewswire press release on the offering (February–March 2026).

Moody’s (Moody’s Corporation)

Moody’s provided credit ratings for Figure’s securitizations, with reporting noting a AAA rating on a recent blockchain-based loan securitization—an important validation for institutional buyers. Source: Figure press release and GlobeNewswire reporting (Q3 2025 and FY2026 notices).

S&P (S&P Global)

S&P joined Moody’s in assigning a AAA rating to Figure’s recent securitization, signaling market acceptance of the firm’s tokenized loan structures. Source: Figure press release and GlobeNewswire reporting (Q3 2025 and FY2026 notices).

Goldman Sachs & Co. LLC

Goldman Sachs acted as a lead joint book-running manager and sales agent on Figure’s equity and blockchain-native share offering, providing distribution muscle and placement capability. Source: GlobeNewswire press release on the offering (February 2026).

Chainlink

Figure is integrating Chainlink CCIP as part of a multi-chain interoperability strategy—extending tokenized products beyond the Provenance chain to Layer 1 networks like Solana. Source: QuiverQuant coverage of Figure’s RWA consortium and cross-chain plans (reported March 2026).

Hastra

Figure partnered with Hastra on PRIME (a liquid-staking token) using Hastra’s liquidity protocol in conjunction with Figure-originated yield flows. Source: QuiverQuant article on the RWA consortium and PRIME token (March 2026).

Kamino Finance

Kamino Finance was named as the exclusive on-chain credit and lending partner for PRIME, supporting on-chain listing and credit utilities across Kamino’s product set. The reporting cites Figure’s access to yields from its on-chain loan originations. Source: QuiverQuant coverage of the RWA consortium (March 2026).

Provenance Blockchain Foundation / Provenance blockchain

Figure plans tokenized-stock issuance and wallet settlement on the Provenance blockchain, including running its alternative trading system with settlement to Provenance wallets. Source: Figure SEC filing disclosure and press reporting around the confidential draft registration statement and tokenized stock plans (2025–2026 press).

Cantor Fitzgerald & Co.

Cantor acted alongside Goldman Sachs and Morgan Stanley as a lead joint book-running manager and sales agent for Figure’s equity and blockchain-native share offering. Source: Globe and Mail / GlobeNewswire release on the offering (February 2026).

Agora Data, Inc.

Figure added auto finance as a vertical through a strategic partnership with Agora Data to bring externally originated auto loans onto Figure’s marketplace. Source: Bitget news item summarizing Figure’s partnership activity (2026 reporting).

BitGo (alternate mention)

BitGo is reiterated across coverage as the custodian partner supporting on-chain custody services for tokenized equity and loan assets. Source: Blockonomi and other coverage describing custody arrangements (March 2026).

Solana Foundation

Figure announced partnerships to expand its minting and cross-chain capabilities onto Solana, supporting broader liquidity and network reach. Source: Figure’s Q3 2025 results release referencing partnerships with Solana Foundation (Nov 2025 release).

Sui Foundation

Figure also partnered with Sui Foundation as part of network expansion and growth initiatives beyond Provenance. Source: Figure’s Q3 2025 results release (Nov 2025).

What the partner mix tells you about Figure’s operating model

  • Contracting posture: Figure combines traditional bank underwriting and ratings with crypto-native infrastructure. The company contracts large, regulated banks for distribution and ratings agencies for credit validation while contracting custodians and on-chain providers for settlement and liquidity. This hybrid posture reduces go-to-market friction but creates multi-layer counterparty dependencies.
  • Concentration: Distribution is concentrated among a small set of global banks (Goldman, Morgan Stanley, Cantor). Custody and liquidity are concentrated around names like BitGo and Jump Trading. Concentration increases counterparty impact during stress events.
  • Criticality: Custody (BitGo), liquidity (Jump) and ratings (S&P/Moody’s) are operationally critical: loss or degradation of any of these would materially affect issuance capability and secondary-market confidence.
  • Maturity: The presence of AAA-rated securitizations and standard investment-bank syndication demonstrates commercial maturity in securitization, even as the on-chain settlement layer remains comparatively new.

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Key investment implications and risks

  • Distribution strength: Access to Goldman, Morgan Stanley and Cantor materially lowers execution risk for equity and debt placements.
  • Credit validation: AAA ratings from S&P and Moody’s are a powerful signal to institutional buyers and expand the addressable market for tokenized securities.
  • Operational concentration risk: Reliance on BitGo for custody and Jump for liquidity concentrates operational risk.
  • Technology and interoperability risk: Expansion from Provenance to Solana and Sui, and use of Chainlink CCIP, raises cross-chain complexity and incremental security and integration risks.
  • Regulatory vector: Converting conventional securities into wallet-settled tokenized stock elevates regulatory scrutiny across custody, securities law and consumer protection.

Bottom line and next steps

Figure’s supplier ecosystem is a purposeful hybrid of Wall Street distribution, major ratings agencies and blockchain infrastructure providers. That combination is the company’s primary competitive asset and its main concentration of risk. For due diligence, prioritize counterparty exposure to custody and liquidity partners and monitor the evolution of cross-chain integrations.

To track supplier signals and receive alerts on partner changes, visit https://nullexposure.com/. For tailored research or integration planning based on this supplier map, start at https://nullexposure.com/.