The United States lending company, Figure has just seen Asiff Hirji join the team. The lending company helps to utilise blockchain in order to process loans. Hirji is going to be the companies new president, as he formally served as president and COO of the popular platform Coinbase, as well as other companies in the financial sector.
With two years on his belt at Coinbase, Hirji is getting ready for his new role. At the platform, he has been credited for growing the company to over $1 billion in revenue and was looking over the expansion of its business and management team. Prior to this, Hirji looked into leadership roles at many other financial organisations including TD Ameritrade, TPG Capital, Saxo Bank and many more.
With his new role at Figure, he will be leading some very important business divisions whilst also working to get the companies merchant bank established. This is going to be done using the blockchain platform Provenance in order to facilitate institutional financial services.
As it currently provides a variety of different lending options for consumers, Figure is an important firm, to say the least. Its key focus is on Home Equity lines of credit, which is a kind of loan where home equity is collateralised for cash. This is applied even with existing mortgages. On top of this, the firm also provides mortgage options, as well as student loans and refinancing.
Clients of the platform are able to gain access to lending via quick and fully digital applications. This is great for many reasons but speed and time are the first ones that come to mind. As the company is utilising blockchain to simplify processing, this drives down cost and makes everything a lot more efficient. Such use of blocks in technology allows for a boost in traditional financial financing options, according to Hirji:
“Blockchain will crash the costs of financial services, making products more affordable and available to all. Figure is one of the very few companies actually turning that promise into reality. The opportunity now is to scale to more financial products and open this capability to all financial institutions.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
