Yesterday Figure Technologies announced the launch of the Loan Marketplace on the Provenance blockchain, which was developed by Figure. The company is a unicorn and has raised more than $233 million in equity funding.
To accelerate the adoption of the blockchain platform, Figure became a loan originator, initially focusing on home equity line of credit or HELOC. To date, it has originated more than $1 billion in HELOC and refinanced student loans.
Figure has also packaged up some of those loans and resold them as Asset Backed Securities (ABS) using the blockchain. This new “Provenance Loan Marketplace” is another way to leverage the Provenance blockchain. And it also gets more of the loans off the Figure balance sheet, lest the Coronavirus should start impacting debt servicing by consumers.
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