Figure Technologies has launched its new digital fund service products for investment firms on a blockchain. the company said in one Release.
The San Francisco-based fintech company used the provenance blockchain and wants to use the technology to automate much of the paper-based processes involved in collecting and managing donations. Services include raising capital, onboarding investors, meeting with your clients, anti-money laundering activities and banking secrecy law, digital subscriptions, capital calls and transfer agents.
Mike Cagney, Co-Founder and CEO of Figuresaid The idea is to allow mutual funds to focus on their main 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 market for raising capital and a future secondary market for commercializing the fund’s interests.”
Figure also announced that the venture capital fund, Friends Family Capital II is the first investment company to use their blockchain services. The fund, said Figure, wants to use these services for a “Fully digital secondary trading of fund interests” and T + 0 funds almost in real time without counterparty risks and with lower transaction costs.
This is not the first time Figure has taken advantage of blockchain technology. Figure also has a marketplace based on a blockchain for buying and selling credit.