Figure founder says onchain shift in traditional finance faces UI, custody and regulatory hurdles

Figure founder Mike Cagney said on X that blockchain and DeFi offer a fundamentally better structure for asset-based finance, but the shift of the $6 trillion asset-based finance market onchain is still in its early stages. He cited cumbersome UI and UX, a lack of institution-grade secure custody, challenges in managing permissions and audits across multiple wallets and users, regulatory uncertainty, and KYC issues as barriers to traditional finance entering blockchain.