Figure has announced the commitment of a $1 billion uncommitted asset based financing facility on their Provenance blockchain; the funding will be provided by Jefferies and WSFS Institutional Services; the platform will support the entire financing process on the blockchain from origination to funding to servicing to financing; CEO Mike Cagney said, “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.” If the prospective securitization closes it will be the world’s first asset backed deal with loans originated on a blockchain. Source.
