According to Odaily, Figure Technology Solutions has launched a blockchain-based private credit market, Figure Connect. The platform aims to enhance market liquidity through standardized sales terms and documents. Additionally, it allows investors to commit funds before loan issuance, utilizing blockchain technology for increased transparency and immutability, thereby reducing third-party audit costs.
To date, the company has signed contracts with two loan origination institutions, The Loan Store and Movement Mortgage, and two loan buyers, Bayview Asset Management and Saluda Grade. The introduction of Figure Connect is a significant step in the use of blockchain technology in the private credit market, offering a new level of transparency and efficiency.