On-chain mortgage company Figure submitted an IPO application to the SEC, compressing the five-week loan process into five days.

Figure aggregates on-chain mortgages, tokenization, and trading platforms. Coindesk points out that the company has submitted a confidential IPO application to the SEC, and the market is focused on the integration of blockchain into the massive mortgage market. (Background: U.S. mortgages accept collateralized Bitcoin! CZ and Michael Saylor shout together: BTC redefines the "American Dream") (Background Supplement: Bitcoin's volatility is lower than the U.S. stock market: The Iran-Israel war highlights the maturation of crypto assets) According to a report from Coindesk today (5), the U.S. Securities and Exchange Commission (SEC) has received a confidential document: Figure Technology Solutions, an on-chain mortgage service provider founded by SoFi co-founder Mike Cagney, has initiated the IPO process, expecting to raise between 500 million to 1 billion USD on Nasdaq, signaling another new sign of blockchain technology moving from the periphery to the large physical asset market. On-chain mortgage model compresses five-week process to five days. Figure uses its self-developed Provenance blockchain to process home equity line of credit (HELOCs) applications. Traditional HELOCs can take weeks from assessment to disbursement, while Figure claims it can complete approvals in about 5 minutes and disburse funds within 5 days. The efficiency advantage is reflected in financial data: the company's adjusted EBITDA profit margin is over 30% for 2024. So far, the platform's cumulative loan amount has exceeded 16 billion USD, and it has collaborated with institutions such as Goldman Sachs and JPMorgan. Tokenization of physical assets, the first AAA blockchain securitization. In addition to lending, Figure is also deeply involved in the tokenization (RWA) of physical assets. The company completed a 355 million USD transaction on the Provenance chain, based on HELOCs, and received a S&P AAA rating, providing on-chain assets with the same credit tier as traditional bonds. IPO timing and regulatory environment, growth and uncertainty coexist. Figure chose to submit its application under the pro-crypto stance of the Trump administration, reflecting the company's judgment of regulatory trends. Recently, USDC issuer Circle, custodian BitGo, and asset management company Grayscale have also applied for or completed listings, indicating that blockchain companies are accelerating their entry into the public market. Figure's IPO is not only for its own financing but is also seen as a litmus test for the digital transformation of the mortgage market. If the listing goes smoothly, blockchain is expected to gain wider adoption in the high-value, low-margin real estate finance sector. However, Figure still faces challenges: how to maintain compliance amidst different state laws and federal regulations, how to sustain loan demand against a backdrop of high interest rates, and how to protect user data and on-chain asset security... Related Reports: Trump announces "Israel-Iran ceasefire" ending the war, Bitcoin breaks 105,000, crude oil falls below 70 USD. Rich Dad warns that the Iran war "will collapse the global currency": winners buy Bitcoin, gold, and silver, losers cling to USD. My dad said Bitcoin was an eyewash in 2017; yesterday, he asked me how to buy it. <On-chain mortgage company Figure submits listing application to SEC, compressing five-week loan process to five days> This article was first published in BlockTempo, the most influential blockchain news media.