Blockchain for Banking News

Mortgage blockchain Figure launches ad campaign

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Figure Technologies, the blockchain company targeting the loans sector, has produced an ad campaign to educate people about the advantages of blockchain.

The company launched the Provenance blockchain to tokenize loans and other digital assets and enable securitization. To date, more than $1 billion of assets have traded on Provenance. At the same time, it launched a consumer-facing site and initially offered home equity lines of credit (HELOC). It has since extended its offerings to mortgage refinancing and student loans.

Figure’s ad campaign features a puppet that looks a little like a caterpillar except with blocks as segments. The campaign promotes blockchain’s benefits and dismisses concerns by distancing it from Bitcoin. But occasionally it veers into jargon, explaining a node and “truth state”. At the end of the day, all people care about is they can get the loan faster. It also explains that blockchain’s efficiencies can save customers money.

“Rather than ignore the challenge of educating consumers about blockchain technology, we chose to embrace it,” said Brad Simmons, CMO of Figure.

“We saw an opportunity to own the demystification of blockchain by creating a relatable and helpful character named Blockchain who will work to bridge the knowledge gap and break down the benefits of blockchain technology in easily digestible terms.”

The well-funded startup – a unicorn that’s raised more than $200 million in equity – commissioned Undnyable to produce 30 second TV spots and a longer form Digital Film.

“Very few folks really understand what blockchain’s capabilities are, which became an important opportunity for us,” said Justin Hooper, co-founder and Chief Creative Officer of Undnyable.

Judge for yourself.

In other news, Figure has filed a defamation lawsuit against an asset-backed securities newsletter. It claims the publisher of Asset-Backed Alert made false assertions. Figure has two active securitizations that are about to be priced, including one this month. It positions these securitizations as “bellwether transactions for blockchain”. A statement says that Figure plans to “commit whatever resources are required to see this suit through to completion.”

Image Copyright: Figure Technologies