What appears to be another post-FTX trading-and-custody play with institutions in mind, is really all about visionary disruption. At first glance, Figure Markets, the cryptocurrency exchange recently unveiled by serial entrepreneur Mike Cagney, looks like another post-FTX trading-and-custody play aimed at institutions. But dig deeper, and a spectrum of value propositions appears, from cost-saving practicalities to visionary disruption. Key components include: an alternative trading system (ATS), a broker-dealer license, the ability to cross-collateralize crypto and real-world assets, and borrowing and lending using Figure Technologies’ balance sheet as a catalyst to get things flowing.