Figure Technology Solutions launches Figure Connect, a blockchain-based private credit marketplace designed to increase market liquidity by standardizing terms of sale and documentation. The platform allows investors to commit funds before loans are issued and uses blockchain technology implementation for greater transparency and immutability, reducing repeated third-party audits.
Figure Connect, which already has two loan originators, The Loan Store and Movement Mortgage, as well as two loan buyers, Bayview Asset Management and Saluda Grade, plans to create a TBA marketplace similar to Fannie Mae and Freddie Mac mortgage markets, increasing liquidity and lowering interest rates through standardisation and guarantees.
Mike Cagney, chairperson and founder of Figure, is preparing for the IPO of Figure Technology Services and serving as CEO of Figure Markets, an upcoming cryptocurrency and stock exchange.
Figure Launches Blockchain Private Loan Marketplace Figure Connect
2024-06-12 21:24:32
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