Figure, Mike Cagney’s Blockchain Startup, Withdraws Bank-Charter Application

Figure Technologies Inc., a blockchain startup founded by former SoFi Technologies Inc. Chief Executive Officer Mike Cagney, has withdrawn its application for a national bank charter.

The company withdrew its application with the Office of the Comptroller of the Currency on July 31, the regulator’s website shows. Figure applied for the charter, used by depository institutions and other financial firms offering bank-like services, in 2020, saying then that the charter would allow it to offer services nationwide while reducing the complexity of its business.