Home Blockchain 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 technology 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’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.”

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.

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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