Another week, another deal for blockchain startup Figure Technologies. New York Community Bank (NYCB) is investing in Figure as part of a strategic partnership that will see it use Figure’s Provenance blockchain. Both firms will invest in the JAM FINTOP Blockchain Fund, backed by many U.S. community banks. Figure’s CEO Mike Cagney will lead the JAM FINTOP Blockchain fund advisory committee.
NYCB already has a node on the Provenance blockchain and says it wants to use blockchain to:
“We chose Figure because of its focus on and knowledge of banking and payment systems,” said NYCB Chairman, President, and CEO Thomas R. Cangemi. “Our agreement with Figure is a part of NYCB’s strategic focus on the operational and cost benefits that blockchain technology can bring to bear across many areas of banking.”
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