Forecast Trend Report by Period
Figure, a blockchain-based lending platform, has entered the US mortgage market in a bid to overhaul the traditional financing structure.
CoinDesk reported on May 5 that Figure said its proprietary blockchain platform can cut lending costs by more than 90%.
The company said applications for home equity lines of credit, or HELOCs, can be approved within five minutes, with funding available within three days.
That would mark a sharp reduction from the traditional lending process, which typically takes 30 to 45 days.
Figure is targeting the market for loans of $300,000 or less.
It also plans to boost profitability by linking with decentralized finance services and shifting to a marketplace model.
Market participants are watching how blockchain-based financial services could affect the traditional lending market. User growth and the regulatory environment remain key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
