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Figure Markets will participate in FTX's SOL auction, opening up small community investments.

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Figure Markets will participate in FTX

Blockchain startup Figure Markets plans to establish a special purpose vehicle (SPV) to raise funds from the community to participate in the upcoming SOL auction on FTX. Investors can invest using USD, USDC, BTC, and ETH, with a minimum investment amount of just $5,000.

Figure Markets to Establish SPV for Auction Participation

Blockchain startup Figure Technologies' wholly-owned subsidiaries, including Figure Securities, Inc., Figure Payments Corporation, and Figure Markets, Inc., not only participated in the FTX relaunch auction but also recently submitted a registration application to the SEC, planning to introduce interest-bearing stablecoins in the form of fixed-income securities.

Former FTX bidder, blockchain startup Figure, applies to SEC to launch "interest-bearing stablecoins."

According to their website, Figure Markets intends to establish a Special Purpose Vehicle (SPV) to participate in the upcoming SOL auction held by FTX. The SPV will be available to non-U.S. investors through KYC and accredited U.S. investors.

The SPV will use a community consensus of 1 USD = 1 vote to determine bidding and subsequent management such as pledging and liquidation. Figure Markets will charge a 0.5% annual management fee to cover the costs of setting up the SPV, ongoing management, and reporting.

Investors can invest using USD, USDC, BTC, and ETH.

Note: According to previous reports, of the locked SOL, 20% will be unlocked in March next year, with the remaining tokens unlocking monthly until 2028.

FTX Creditor Sunil Kavuri also Shows Support

Earlier reports indicated that the FTX restructuring team still had 41 million SOL tokens awaiting liquidation earlier this year and chose Galaxy Asset Management as their token liquidation agent. By early April, about 30 million SOL tokens had changed hands for approximately $1.9 billion. This has sparked strong criticism from FTX creditors, as the institutional cost of SOL was only $64, while creditors are maintaining a conversion price of $16.

Renowned FTX creditor Sunil Kavuri criticized, stating that FTX's law firm Sullivan & Cromwell prioritized their clients over creditors and disposed of what they considered to be assets of the restructuring team, the SOL tokens. Kavuri also praised Figure Markets' actions, mentioning that FTX creditors only need a minimum of $5,000 to participate in this event, while the auction requires a minimum raise of $5 million.