Fintech startups successfully provide $1 billion in credit lines on the blockchain

Data released on Thursday showed that Figure Technologies, a financial technology startup founded by former SoFi CEO Mike Cagney, has provided a $1 billion "uncommitted" line of credit in the blockchain. Investment bank Jefferies and WSFS Bank's parent company, WSFS Financial Corporation, are participants in the project. As part of the transaction, Jeffrey may periodically provide the variable financing notes to the Figure, which is guaranteed by Figure's home equity line. WSFS Financial is the trustee of Jefferies. The credit line has a maximum loan amount that can be borrowed, repaid, and borrowed again when needed. According to the announcement, Figure's financing tool is hosted on its blockchain platform called origin.