Figure Technology: Smoke And Mirrors From A Fast-And-Loose Lender Masquerading As A Blockchain Darling
Summary * Figure Technology Solutions, Inc. (NASDAQ: FIGR) is a $7.7 billion fintech company that claims to use blockchain to improve the speed, security, and cost of originating and securitizing home equity lines of credit (“HELOCs”). Beyond this initial market, Figure has developed a suite of blockchain tech that, according
Summary Figure Technology Solutions, Inc. (NASDAQ: FIGR) is a $7.7 billion fintech company that claims to use blockchain to improve the speed, security, and cost of originating and securitizing home equity lines of credit (“HELOCs”). Beyond this initial market, Figure has developed a suite of blockchain tech that, according to the grandiose claims of co-founder Mike Cagney, will secure Figure’s place in the “Mag 7” of “Web 3.0.” Our 4-month investigation reveals that Figure is little more than a risky home equity lender masquerading as a blockchain innovator. Its blockchain initiatives,…
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