Figure teams up with NovaWulf to provide Blockchain Technology solutions

CIOTechOutlook Team | Friday, 17 February 2023, 03:40 IST

  • No Image
Celsius Network LLC ("Celsius") announced that they have reached an agreement in principle with NovaWulf Digital Management, LP ("NovaWulf") to sponsor a proposed plan of reorganisation with Figure Technologies, Inc. ("Figure") as its blockchain technology solution provider after consulting with the official unsecured creditors committee (the "Committee").
 
The suggested plan structure calls for the transfer of Celsius' illiquid assets, including as its loan portfolio and staked Ethereum, to a "NewCo" that will be controlled by a number of Celsius' creditors and owned by NovaWulf. The NewCo is anticipated to be a publicly traded company that will be initially owned entirely by Celsius creditors. Its common equity will be provided in tokenized form, and it will trade on an alternative trading platform managed by Figure Securities, Inc., an SEC-registered broker dealer, which is based on the Provenance Blockchain. 
 
Provenance Blockchain has supported more than $12 billion in transactions and was designed specifically for the financial industry. NovaWulf and Figure have teamed up to offer secondary trading and loan servicing services as part of the strategy.
 
"We are excited to partner with NovaWulf to provide the technology infrastructure needed for this reorganization," said Mike Cagney, CEO and Co-Founder of Figure. "Our companies are very complementary, and we are both looking to do something transformational."
 
By the use of blockchain, Figure is revolutionising the financial services industry and offering speed, efficiency, and savings to individuals and organisations. Figure is continuing to introduce a number of blockchain firsts in the financial services, banking, and investment management industries. For loan origination, servicing, and financing as well as for private company stock management, fund registry, blockchain marketplaces, and payments, Figure uses the Provenance Blockchain.  
 
Serial technology entrepreneur Mike Cagney, who also launched SoFi and served as CEO until the company's multibillion-dollar growth, founded the business in 2018.
🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...