Figure Launches New Digital Fund Services Products For Investment Firms On Blockchain
Figure Launches New Digital Fund Services Products For Investment Firms On Blockchain
September 21, 2020
Figure Launches New Digital Fund Services Products For Investment Firms On Blockchain
Figure Launches New Digital Fund Services Products For Investment Firms On Blockchain
September 21, 2020

Figure Technologies, the San Francisco-based financial technology company, has launched its new digital fund services products for investment firms on a blockchain.

It has been reported in a statement that the company used the Provenance blockchain and aims to use the technology to automate much of the paper-based processes in fundraising and fund management.

Services include capital raising, investor onboarding, know-your-customer, anti-money laundering, and Bank Secrecy Act activities, digital subscriptions, capital calls, and transfer agents.

Mike Cagney, the co-founder and CEO of Figure, said the idea is to allow investment funds to focus on their core strength and investing.

He added:

“Figure’s Digital Fund Services offering is the first end-to-end blockchain solution that combines tools for digital fundraising and ongoing fund management with a primary marketplace for raising capital and a future secondary marketplace for trading fund interests.”

However, Figure also announced that venture capital fund Friends & Family Capital II is its first investment firm partner to use its blockchain services.

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Figure said that the fund also wants to leverage these services for a “fully digital secondary trading of fund interests” and settle in almost real-time at T+0 with no counterparty risks and lower transaction costs.

Thus, the company also has a blockchain-based marketplace for buying and selling loans.

Source: Cointelegraph | Image: AiThority


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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