- Blockchain firm Figure Tech to apply for a national bank charter.
- CD Davies assigned the prospective bank’s chief executive.
- The firm aims to deliver a more transparent solution in the post-COVID-19 world.
Blockchain firm Figure Tech known for its blockchain embedded financial solutions, is now embarking on a new journey with its application charter for a national bank. Founding Chief Executive Officer (CEO)of the $1.3 billion worth lending firm, Mike Cagney, announced the expansive decision speaking to media officials.
Discussing details of the forthcoming amalgamate, Cagney spoke about the importance of having a federal charter in terms of steering clear regulatory implications, enhancing reliability and data security, and reducing the overall transactional costs with the help of blockchain solutions. He further spoke about the access to funding available through $103 million raised in 2019.
Blockchain Firm Figure Tech aims
The CEO also commented on the paradigm shift the financial world is witnessing currently with traditional institutions taking a back seat and more digital blockchain-based solutions taking up space. He promoted figure tech as a unique platform integrating digital solutions into conventional realms. Boasting its distinct feature of well-integrated blockchain structures across the firm’s product line of loans, payments, and other services, Cagney believes the charter application is the best fit to enhance consumer experience and business gains further.
Blockchain-based financial businesses continue to face various intricacies expected to shrink with standardization and regulation effectiveness within the industry. Cagney pointed out this to be Figure tech’s aim in seeking the national bank charter and announcing the firm’s association with more than 200 state licenses in the days to come.
Strategic partner at the blockchain firm Figure Tech and executive vice president at the credit union, Nick Ambrosini, predicted an increased growth in the consumers with the charter association. It will facilitate the fintech firm to amplify loan offerings.
Head of San-Francisco branch of Figure Tech, CD Davies, is expected to head the firm’s endeavor to attain the charter and, upon receipt, be the national bank’s chief executive.