Figure Technologies releases fund services offerings on blockchain

Figure Technologies releases fund services offerings on blockchain

Figure Technologies launched its new digital fund services products for investment firms on a blockchain, the company said in a statement.

The San Francisco-based financial firm 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, co-founder and CEO of Figure, said the idea is to allow investment funds to focus on their core strength, investing.

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

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This is not the first time Figure took advantage of blockchain’s benefits. Figure also has a blockchain-based marketplace for buying and selling loans.

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