Morgan Creek-backed blockchain equity loan platform Figure has completed a $1 billion "Uncommitted" financing facility via blockchain, the firm announced in a press release on May 9.
Custodied on Figure's blockchain platform Provenance.io, the new facility was closed along with major global investment banking firm Jefferies and multi-billion dollar financial services company WSFS Financial Corporation.
According to the press release, Figure has been working with Jefferies and WSFS for more than six months to deploy the recent financing facility, with WSFS Institutional Service participating as a member of Provenance and acting as trustee for Jefferies.
Mike Cagney, CEO and co-founder of Figure, said that the new financing facility enabled Provenance to support the "Entire end-to-end financing of loans, from origination to funding to servicing to financing." He added that the initiative paves the way for the "First securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers."
Founded by SoFi founder and former CEO Cagney, Figure first developed and implemented its distributed stakeholder blockchain Provenance in 2018, the report notes.
The company provides security and major efficiencies of blockchain for loan origination, financing, sales and securitization.
In February 2019, Figure raised $65 million from major financial and venture capital companies including Morgan Creek, DCM, Ribbit Capital, Nimble Ventures and partners from DST Global.
By that time, the total funds of the firm reportedly totaled at $120 million.
Recently, crypto wealth management and lending firm BlockFi was reported to have more than $53 million in client crypto assets under management.
Morgan Creek-Backed DLT Equity Loan Platform Figure Secures $1 Billion Financing Facility
gepubliceerd op May 10, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.