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抵押贷款区块链创业公司Figure Technologies在考虑推出一家股票交易所

2021-2-16 13:29

 

抵押贷款区块链创业公司Figure Technologies向美国证券交易委员会(SEC)提交了一家特殊目的收购公司(SPAC)的上市申请,计划融资2.5亿美元,并与合适的目标公司合并。被称为“数字收购公司I”(FAC)的高级管理层都是与FAC“关联”的数字技术公司的高级主管。房地产贷款专家埃利奥特管理公司是这家新公司的投资者。


此外,Ledger Insights了解到,Figure Technologies正着眼于推出一个基于区块链的股票交易所。稍后再详细介绍。


此前,Figure Technologies已经筹集了超过2.2亿美元,并创建了名称为区块链的公司。该公司有一个面向消费者的网站,在该网站上,它发起抵押贷款和其他贷款,所有交易都记录在来源区块链上。迄今为止,该公司拥有超过15亿美元的融资额度,并利用区块链将这些抵押贷款打包为资产支持证券。


Figure面向消费者的网站背后的主要目的是在origin区块链上产生更多的活动。这可能是SPAC背后的主要动机,因为申报文件称,任何目标公司都应该能够“通过数字技术(包括其专有技术)提高价值”。


FAC的主席和Figure的首席执行官是Mike Cagney,他也是SoFI的创始人。Asiff Hirji是FAC和Figure的总统,之前是Coinbase和Ameritrade的总裁兼首席运营官。


这家快速发展的公司最近还申请了银行执照,但遭到了现任和国家银行业监管机构的强烈反对。反对者担心,该公司可能在不提供存款保险的情况下获得全国银行执照。Figure推出这款应用的动机是,它希望推出一款面向银行业务不发达人群的金融服务应用。但由于没有全国性的执照,它不得不申请大量额外的州执照。

Figure想要推出一个去中心化的证券交易所


与此同时,Figure也在考虑推出一家股票交易所,交易将在其前身区块链上进行。


Gamestop的股价暴涨促使罗宾汉阻止了一些交易。一个主要原因是罗宾汉需要两天的机构股票结算时间,因此增加了保证金义务。总统阿西夫·希尔吉(Asiff Hirji)撰写了一篇措辞强硬的专栏文章,主张有必要放弃为期两天的和解协议。(我们没有发表主要是因为它不符合我们有限的自我推销指南)。


我们之前注意到,该公司有它的Adnales解决方案,使用来源区块链,使公司能够跟踪谁拥有它的股票,cap表。现在,Figure想要把它发展成一个去中心化的证券交易所解决方案。


Hirji是这么说的:“当公司在Adnales上发行股票时,股票凭证是区块链上的原生数字资产(在DTCC上不再有纸张)。对一家公司来说,利用来源市场为其股权运营二级市场非常简单。”


“交易以透明和流动性强的方式实时结算,没有对手风险,从而改变了繁琐、不透明和流动性差的私人公司二级市场。我们认为,随着越来越多的公司将Adnales用于二级市场,机构资本也将随之增加。当这些公司想要上市时,他们为什么要从流动性的实时结算环境转向纽约证券交易所(NYSE)或纳斯达克(Nasdaq)过时的两天结算流程呢?”


但就目前而言,我们必须处理好现有的问题,因此SPAC在纽交所上市。


除此之外,还有另外两位备受瞩目的区块链space。一个是Bakkt,另一个是贸易融资公司Triterras,该公司遭遇了可怕的卖空者的逆风。

 

the team behind mortgage blockchain startup Figure Technologies  filed an SEC listing for a special purpose acquisition company (SPAC) with plans to raise $250 million and merge with a suitable target firm. Called Figure Acquisition Corp I (FAC), the senior management are all top executives at Figure Technologies, to which FAC is “affiliated”. Real estate lending specialist Elliot Management is an investor in the new venture.

Separately, Ledger Insights learned that Figure Technologies is eyeing launching a blockchain-based stock exchange. More on that later.

Previously, Figure Technologies has raised more than $220 million and created the Provenance blockchain. The company has a consumer-facing website where it initiates mortgage-related and other loans with all the transactions logged on the Provenance blockchain. So far, it has more than $1.5 billion in funding lines and has used the blockchain to package up the mortgages as asset-backed securities.

The primary purpose behind Figure’s consumer-facing website was to generate more activity on the Provenance Blockchain. That could be a major motivation behind the SPAC as the filing states any target company should be capable of “value enhancement from Figure Technology” including its proprietary technology.

The Chairman of FAC and CEO of Figure, is Mike Cagney, who also founded SoFI. Asiff Hirji is the President of both FAC and Figure and before that was President and COO of Coinbase and Ameritrade.

The fast-moving company also recently applied for a banking charter, receiving quite a bit of opposition from both incumbents and state banking regulators. Opponents are concerned about the company potentially receiving a national banking charter without providing deposit insurance. The motivation behind Figure’s application is it wants to launch an app that targets financial services for the underbanked. But without a national charter, it has to apply for a massive number of additional state licenses.

Figure wants to launch a decentralized stock exchange

Meanwhile, Figure is also considering launching a stock exchange with trades transacted on its Provenance blockchain. 

The Gamestop stock price explosion triggered Robinhood to block some trades. A major cause was the added margin obligations for Robinhood because of two-day institutional stock settlement times. Figure President Asiff Hirji penned a hard-hitting op-ed in which he argued for the need to ditch two-day settlement. (We didn’t publish mainly because it didn’t meet our limited self-promotion guidelines).

We previously noted that the company has its Adnales solution that uses the Provenance blockchain to enable companies to keep track of who owns its stock, the cap table. Now Figure wants to evolve that into a decentralized stock exchange solution.

Here’s what Hirji said about it: “When companies issue stock on Adnales, stock certificates are native digital assets that live on blockchain (no more paper at the DTCC). It is very straightforward for a company to then use Marketplace on Provenance to run a secondary market for their equity.”

“Trades settle real-time, with no counterparty risk in a transparent and liquid manner thus transforming the cumbersome, opaque and illiquid private company secondary market. We believe as more companies use Adnales for secondary markets, institutional capital will follow. When these companies want to go public, why would they move from a liquid real-time settlement environment to the archaic two-day settlement process on the NYSE or the Nasdaq?”

But for now, we have to deal with what we have, and hence the SPAC is on the NYSE. 

There have been two other high profile blockchain SPACs. One was Bakkt and another was trade finance firm Triterras which has run into headwinds from the dreaded short sellers.

 

来自: Ledger Insights