Figure(FIGR.US) made a successful debut, soaring 24%, adding fuel to the hot trend of crypto IPOs.

The blockchain lending platform Figure (FIGR.US) debuted on the Nasdaq on Thursday, with its first day of trading closing up 24.44% at $31.11 per share. This strong performance undoubtedly added fuel to the already hot trend of crypto IPOs. Reportedly, Figure's offering price was $25, higher than the revised guidance range of $20 to $22. The IPO raised a total of $787.5 million, bringing the company's market value to around $6.6 billion. A round of venture capital financing in 2021 valued the company at $3.2 billion. According to data compiled by Bloomberg, this week is considered the busiest week for IPO trading in the US this year. Gemini Space Station (GEMI.US), the cryptocurrency exchange by Cameron and Tyler Winklevoss, will be listed on the Nasdaq on Friday. Due to high market demand, Gemini's IPO is priced at $28 per share, above the previously announced range of $24 to $26. Co-founder of Figure, Mike Cagney, said on Thursday, "Blockchain has democratized financial services." When discussing the importance of individual investors in this offering, Cagney stated that the company "provided one of the largest allocations ever for retail investors." Figure uses blockchain technology to simplify the loan process, including home equity loan business. The company was founded by Mike Cagney in 2018. CEO Michael Tannenbaum said, "Our business area has huge room for growth and white space," noting that home equity amounts to as much as $35 trillion. Tannenbaum stated that Figure's listing is related to blockchain. "The unique thing about Figure is that we are a model of a company that creates real value in the real world using blockchain," he said. Documents show that Figure initially offered Home Equity Line of Credit (HELOC) products, and currently offers cryptocurrency-based loans and digital asset trading platforms. The company has issued over $16 billion in loans through blockchain channels. In the field of artificial intelligence, Figure's website shows that the company is using OpenAI technology to assist in evaluating loan applications, and using Alphabet Inc.'s CGemini-powered chat robot Siasun Robot & Automation. According to the company's documents, for the six-month period ending on June 30, the company had a net profit of $29.1 million, with revenue of $190.6 million; compared to a net loss of $15.6 million and revenue of $156 million in the same period last year. Billionaire investor Stanley Druckenmiller's Duquesne Family Office has expressed interest in purchasing up to $50 million of shares at the IPO price. The IPO attracted over 25 times the subscription level. Investors in the company include DCM, Ribbit, Gemini Investments, and Morgan Creek Capital Management. Cagney expects to continue to control 68.6% of Figure's voting rights.