Figure Technologies, the blockchain finance firm founded by SoFi founder Mike Cagney, has raised $200 million in a Series D round of investment, valuing the company at $3.2 billion. Apart from debt financing for its home loan service, which has reached $1 billion, previous equity funding rounds have totalled more than $230 million.

DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global, and others participated in the round co-led by 10T Holdings and Morgan Creek Digital. Both 10T and Morgan Creek have a seat on the board of directors. The figure is involved in various blockchain-related activities, all of which rely on the Provenance blockchain, which it developed. It began by concentrating on domestic real estate financing (HELOCs in particular) and expanded to include capital table management, fund management and administration, finance, and payments. Figure Pay seeks to provide unbanked and underbanked people with point-of-sale credit.

A Congressional Representative also questioned the OCC’s chairman yesterday about the agency’s national bank charter application status. On top of that, it established a SPAC.
“Morgan Creek Digital is excited to support Figure because they have not only developed a world-class lending firm, but they have also built a unique blockchain platform with the financial services industry in mind,” said Sachin Jaitly, Morgan Creek’s General Partner. “Provenance, a modern set of financial rails that is faster and less costly than alternative solutions and is on the verge of being accepted by major financial institutions,” says the article.

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It first created the Provenance blockchain as an allowed ledger aimed at financial institutions. It was relaunched as a public permissionless and open-source blockchain-based on Cosmos technology only a few days ago. It is run by a Foundation, as are almost all public blockchains. Most foundations try to separate themselves from their founders, but June Ou, Figure’s Chief Operating Officer and Mike Cagney’s wife are the President in this situation. The argument that a token is not a defence is one of the reasons for the separation. It was a security token offering that Provenance used to launch its token.