The blockchain fintech company Figure has withdrawn its bank license application

According to Bloomberg, blockchain fintech company Figure has withdrawn its application for a national bank charter submitted to the Office of the Comptroller of the Currency on July 31, which was originally filed in 2020. A Figure spokesperson stated that the organization will focus on developing other areas in partnership with established banks.

In addition, Figure laid off 90 employees last week, accounting for about 20% of its total workforce.

Previous news reported that in February this year, Figure abandoned its plan to go public via SPAC, which was originally intended to raise $100 million; last year, Figure had hoped to raise $300 million, but later lowered its fundraising target due to a cooling market.