US-based mortgage company Caliber Home Loans recently announced it will originate loans on the Provenance blockchain. It is the first company outside Figure to offer loans using the distributed ledger network. The developer of the Provenance blockchain, Figure Technologies, is rumored to be raising money at a
unicorn valuation. Figure has already
raised $130 million and was started by Mike Cagney, the SoFi founder.
Provenance can be used to originate loans, to receive loan payments, to buy and sell loans in the secondary market, to finance loans and to securitize loans. Caliber said it is the first to license Figure Software-as-a-Service (SaaS) for its Caliber Home Equity Line of Credit loans.
Currently, Figure SaaS offers loan origination platforms in home equity and mortgage and is planning to support other asset classes in future. “Figure is excited to inaugurate our third-party Figure SaaS platform with Caliber,” said Mike Cagney, CEO of Figure.
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