The company said in a statement that Figure Technologies has launched its new digital fund services for blockchain investment companies.
The San Francisco-based fintech company has used the Provenance blockchain and wants to use technology to automate much of its paper-based fundraising and money management processes. Services include fundraising, investor education, customer knowledge, money laundering, banking secrecy activities, digital subscriptions, capital calls and transfer agents.
The idea is to let mutual funds focus on the core strength and invest, ” said Mike Cagney, co-founder and CEO of Fig.
“The digital fund offering, depicted in the chart, is the first end-to-end blockchain solution that combines digital fundraising and end-to-end money management tools with a primary capital market and a future secondary market for ETF interests.”
The figure also announced that Friends & Family Capital II Venture Capital Fund is the first investment company partner to use the blockchain services. The figure states that the fund also wants to utilize these services for “full digital secondary trading with the fund’s interests” and close real-time stability of T + 0 with zero counterparty risk and lower transaction costs.
This is not the first time the format utilizes blockchain. The figure also shows a blockchain-based marketplace for buying and selling loans.