Yesterday the team behind mortgage blockchain startup Figure Technologies filed an SEC listing for a special purpose acquisition company (SPAC) with plans to raise $250 million and merge with a suitable target firm. Called Figure Acquisition Corp I (FAC), the senior management are all top executives at Figure Technologies, to which FAC is “affiliated”. Real estate lending specialist Elliot Management is an investor in the new venture.
Separately, Ledger Insights learned that Figure Technologies is eyeing launching a blockchain-based stock exchange. More on that later.
Previously, Figure Technologies has raised more than $220 million and created the Provenance blockchain. The company has a consumer-facing website where it initiates mortgage-related and other loans with all the transactions logged on the Provenance blockchain. So far, it has more than $1.5 billion in funding lines and has used the blockchain to package up the mortgages as asset-backed securities.
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