Figure raises USD 200 mln to develop blockchain solutions for financial services

Figure Technologies, a blockchain finance agency arrange by SoFi founder Mike Cagney, has raised USD 200 million to additional its work on its blockchain platform.

The corporate has developed the Provenance blockchain that originally centered on companies comparable to financing home actual property (HELOCs to be particular) and has since expanded into capital desk administration, fund administration and administration, banking, and funds. With the present announcement, the platform relaunched as a public permissionless and open supply blockchain based mostly on Cosmos expertise.

Moreover, Determine Pay goals to supply point-of-sale credit score to the unbanked and underbanked, with the startup filling a nationwide financial institution constitution software.

The funding spherical was co-led by 10T Holdings and Morgan Creek Digital and different contributors like DCM, Digital Forex Group, HCM Capital, Ribbit Capital, RPM Ventures, the companions at DST International and others.