March 11, 2020 Figure Technologies securitizes $150M of home equity lines of credit on its blockchain, Provenance.

The financial technology company, Figure Technologies successfully securitized $150M worth of home equity lines of credit (HELOCs). In this instance, the entire process of the issuance was recorded on the company’s Provenance blockchain, including the origination, issuance, and collection of monthly payments. According to the company, the process delivered significant cost and time savings, relative to more traditional securitization methods, due to the effects of automation. Figure Technologies has received a $1.2 billion valuation, following a total of $225 million in fundraising and enlisted Jefferies Group and Nomura for brokerage and bond sale services respectively in the recent securitization.