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Figure Technology Secures $250 Million Commitment From Cross River Bank to Support Crypto-Backed Loans

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Figure Technology Solutions (FIGR) and Cross River Bank have established a forward-flow agreement under which the bank's Principal Finance Group has committed to purchasing up to $250 million in assets to support Figure's crypto-backed loans, Cross River said Thursday.

The agreement provides Figure with committed capital to offer consumers US dollar liquidity without requiring them to sell their cryptocurrency holdings, Cross River said.

Through Figure's crypto-backed loan product, borrowers can use their digital assets as collateral to access financing while maintaining ownership of those assets, the company said.

Figure Technology shares were 1.5% higher in Thursday trading.

Figure Technology Solutions shares were up 2.4% in Thursday trading.

Price: $31.76, Change: $+0.78, Percent Change: +2.52%

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