The sixth street, a private equity firm of over $ 100 billion in property under management, has supported blockchain-based lending platform figure technology solutions with an investment of $ 200 million.
Chitra and Sixth Street revealed investment Press release On 27 February. Both firms have formed a joint venture in which the Sixth Street’s Asset-Based Finance Division will invest $ 200 million in equity. Funding will strengthen the platform’s personal credit lending division, by increasing its debt origin capabilities.
According to the sixth Street, the joint venture will inject more than $ 2 billion in the non-agency mortgage market through the figure. Meanwhile, Figure Technology will take advantage of this investment to score its operation.
“This joint venture between figure and Sixth Street connects the figure on a trajectory, which eventually intends to cost low cost for lenders and borrowers, similarly how the borrowed cost was reduced with the introduction of TBA in agency hostage places. This figure valid Connect as the largest, most liquid, blockchain-based capital market, “said Tod Stevens, the Chief Capital Officer of the Figure.
Launched in June 2024, the figure connect platform uses blockchain techniques to offer benefits such as market risk hedging and sales automation. The figure is operated on the connect network Provence blockchain, which uses to place all the loans on the ship.
As a major promoter of real-world assets, the Provence enables partners of the blockchain figure to reach the price search through on-chain loans pool bid. In December 2023, more than 40% of the amount of figure transactions on the blockchain.
Through its partnership with the sixth street, the figure will tap in extra liquidity and get access to “always-on” programmatic dialect for its property.
The joint venture will provide liquidity to the figure of figure, with the loan of the data for securities through this collaboration.
