They aim to make investing faster.
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.
source link : https://cointelegraph.com/news/figure-technologies-releases-fund-services-offerings-on-blockchain
