Figure Closes a $1 Billion Line of Credit on Blockchain

Figure has announced the commitment of a $1 billion uncommitted asset based financing facility on their Provenance blockchain; the funding will be provided by Jefferies and WSFS Institutional Services; the platform will support the entire financing process on the blockchain from origination to funding to servicing to financing; CEO Mike Cagney said, “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.” If the prospective securitization closes it will be the world’s first asset backed deal with loans originated on a blockchain. Source.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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