Figure Lending LLC is offering crypto-backed cash loans that let borrowers use Bitcoin, Ethereum or Solana as collateral while retaining ownership of their tokens. The lender said customers can borrow up to 75% of the collateral's value, and because the transaction is generally structured as a loan rather than a sale, it typically does not trigger a capital gains event. Figure said its product carries a fixed rate, a 12-month term and a maximum annual percentage rate of 12.62%, with same-day funding available and no credit score requirement because underwriting is based on the pledged assets. The company said borrowers should compare loan-to-value ratio (LTV, loan size versus collateral value), fixed or variable rates, regulatory licensing and liquidation terms before taking a loan. It also offers an optional liquidation protection feature in some states that can delay liquidation during the loan term if prices fall, although liquidation may still occur if a loan becomes overdue and falling crypto prices can still trigger margin calls (demands for more collateral).