Financial technology company Figure Technology has sold a $50 million cryptocurrency-backed loan portfolio to a private credit firm, marking the entry of private credit into the crypto lending market. Figure Technology was co-founded by former SoFi CEO Mike Cagney and focuses on utilizing blockchain technology to provide financial services. This transaction demonstrates the growing interest of private credit institutions in crypto asset-backed loans, despite the ongoing regulatory and market risks in the field. This move could open new avenues for the integration of crypto finance and traditional credit markets.