Figur announces the expansion of digital fund listing activities together with leading asset managers
Apollo and Hamilton Lane begin using Figures Digital Fund Services
DFS platform built on provenance Blockchain to provide greater efficiency to private market investment
SAN FRANCISCO, 22 November 2022 /PRNewswire/ — Figure Technologies, Inc. (“Figure”) today announced that leading asset managers Apollo (NYSE: APO ) and Hamilton Lane (NASDAQ: HLNE ) have launched digitally native investment vehicles using Figure’s Digital Fund Services (“DFS” ). The DFS platform supports fund subscriptions in the chain as well as ongoing fund operations and administration.
By using Figur DFS, asset managers seek to exploit the opportunity for increased accessibility and digital onboarding, liquidity through a digital marketplace and real-time digitization of operations. Some of these improvements streamline intermediate processes that can reduce inefficiency, friction and risk. Furthermore, investors can take advantage of Universal Passporting, where an anonymized record of verified KYC credentials can be stored on-chain for use across multiple funds. After closing, capital calls and distributions are also managed on the chain to reduce the operating burdens associated with the fund’s cash management.
“We are proud to work with such industry leaders to drive the adoption of blockchain in financial services. These early adopters understand the ease of access, cost transparency and efficiencies found while leveraging this technology. We look forward to continuing to unlock blockchain’s potential.” in the financial services industry,” said the Figure CEO Mike Cagney.
The digital-native funds and DFS will leverage Provenance Blockchain. Purpose-built for financial services, Provenance is the leading public blockchain transformational finance by enabling institutions and fintechs to seamlessly and securely issue, transact and service digitally native financial assets at scale. Currently utilized by more than 60 financial services firms, Provenance has supported over 12 billion dollars in transactions
Herkomst is the leading public blockchain and financial services ecosystem. Currently used by more than 50 financial institutions, fintechs and DeFi brands, Provenance has supported over $10 billion in transactions.
DFS clients can also leverage Figure’s Alternative Trading System (“ATS”) for secondary transactions of blockchain-based fund interests, providing investors with the opportunity for enhanced liquidity. Figures ATS provides a limit order book that facilitates transparent and cost-effective transactions in private companies’ securities and fund interests using smart contracts built on provenance.
“At Apollo, we use innovative financial technology to solve our most pressing business challenges,” said Jamey Lamanna, Partner and Chief Information Officer at Apollo. “Through our strategic partnership with Figure, we are excited to continue using blockchain technology to create scalable solutions across the investment lifecycle.”
“We are thrilled to partner with Figure to provide yet another digital-first means for investors to access the private markets. Hamilton Lane was one of the earliest major private markets firms to tokenize a fund and we remain committed to identify innovative technology solutions as a means to address some of the traditional pain points in the asset class,” Victor JungHead of Digital Assets at Hamilton Lane noted in a press release last month.
With this announcement, Figure adds 14 digitally native funds and SPVs to its DFS platform. Figure will continue to work with industry participants and the managed fund community to best leverage blockchain technology across all fund types and lifecycles.
About figure
Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to consumers and institutions. Figure continues to reveal a range of blockchain innovations across the capital markets, investment management and banking and payments sectors. Figure utilizes the originating blockchain for loan origination, servicing, financing, as well as share management in private companies, fund registers, blockchain marketplaces and payments. The company was founded in 2018 by a serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar enterprise under his leadership as CEO. To learn more, visit www.figure.com.
About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors worldwide. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs more than 575 professionals operating in offices throughout North America, Europe, Asia Pacific and Middle East. Hamilton Lane has almost 824 billion dollars in assets under management and supervision, composed of more than 107 billion dollars in discretionary assets and approx 717 billion dollars in non-discretionary assets, per 30 September 2022. Hamilton Lane specializes in building flexible investment programs that give clients access to the full range of private market strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on LinkedIn: https://www.linkedin.com/company/hamilton-lane/.
About Provenance Blockchain
Provenance Blockchain is built specifically for the financial services ecosystem. Leading financial institutions and fintechs are leveraging Provenance Blockchain to enable the entire lifecycle of digital assets to deliver significant business and customer value. Provenance Blockchain is successfully transforming lending, securitization, payments and exchanges, and has supported over 12 billion dollars in transactions. Provenance is an open source, public blockchain built with COSMOS SDKs. The native tool token, HASH, is used to pay transaction fees and enable governance. For more information, please visit herkomst.ioTwitter @herkomstfdnand LinkedIn.
Provenance Blockchain Foundation Media Contact:
Dan Garcia
[email protected]
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SOURCE Figure
