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SoFi founder Mike Cagneys already well-funded new startup is raising another $100 million

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Figure Technologies, a nearly two-year-old, San Francisco-based fintech cofounded by Mike Cagney, the founder of the more established fintech company SoFi, is raising a whole lot of money — again.

By February of this year, Figure had already raised $120 million in equity funding from a gaggle of investors, including RPM Ventures, partners at DST Global, Ribbit Capital, DCM, DCG, Nimble Ventures, and Morgan Creek. In May, it announced that it had closed an up to $1 billion uncommitted asset-based financing facility on its own custom blockchain from Jefferies and WSFS Institutional Services.

Now, according to paperwork filed with the SEC earlier this month, it appears that Figure has closed or is about to close on $103 million in Series C funding.

Presumably, investors are interested partly in the company’s growing spate of products. While Figure started out providing home loans to older customers who aren’t earning income and have much of their wealth tied up in their homes — a fast-growing demographic — it has more recently begun to chase after a demographic that Cagney knows well through SoFi, which is younger people looking to refinance their student loans.

Figure talked recently with American Banker about the company’s interest in competing more directly with SoFi, citing the $1.4 trillion in outstanding loan debt as the primary reason it’s swooping into the space, and with the “same mousetrap” that Figure has developed to quickly process home loans, which it then securitizes and sells.

Specifically, all of Figure’s financial services business is executed entirely on its blockchain, Provenance, which further has a native token, Hash, that’s used to both access the blockchain and to memorialize off-chain exchange of fiat currency.

Cagney co-founded Figure with his wife, June Ou, who is the company’s chief operating officer. She was previously chief technology officer at SoFi, where Cagney lost his job in 2017 as CEO after a board investigation into sexual misconduct at the company.

Others of Figure’s cofounders include Alana Ackerson and Cynthia Chen. Ackerson was previously the CEO of the Thiel Foundation. Chen was most recently a venture partner with DHVC (Danhua Capital), a venture capital firm based in Palo Alto, Ca.

According to Figure’s website, it plans to introduce a money market product “soon.” Figure has also talked in the past of expanding into other lines of business, including wealth management, unsecured consumer loans, and checking accounts, all offered through partner banks.

In the meantime, SoFi has similarly been expanding beyond student loan refinancing under the leadership of current CEO Anthony Noto. Earlier this year, for example, SoFi made fractional share buying and exchange-traded funds available to its users. It also launched a mobile-first cash management account.

Read more: https://techcrunch.com/2019/12/01/sofi-founder-mike-cagneys-already-well-funded-new-startup-is-raising-another-100-million/

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Coinbase Custody selected by 21Shares for Bitcoin ETP

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Coinbase

Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.

21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.

Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”

Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.

Source: https://blog.coinbase.com/coinbase-custody-selected-by-21shares-for-bitcoin-etp-a1b5dd380694?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase Earn

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Coinbase

Earn COMP while learning how to borrow crypto and earn interest with Compound

Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.

Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.

Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.

Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.

Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.

You can sign up for a Coinbase account here and download the iOS or Android app to start earning crypto today.

Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-earn-74cb88acbf78?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase

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Coinbase

Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.

Compound (COMP)
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.

Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-de42a317790c?source=rss—-c114225aeaf7—4

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