Figure enters US mortgage market, claims 91% cost reduction

Blockchain-based online lending platform Figure is entering the U.S. home mortgage market, CoinDesk reported. The company claims its proprietary blockchain platform can reduce lending costs by approximately 91% compared to traditional methods. Figure explained that applications for Home Equity Lines of Credit (HELOCs) can be approved within five minutes and funded within three days, a significant reduction from the standard 30 to 45 days. The company is primarily targeting the market for loans under $300,000 and is also pursuing increased profitability through DeFi integration and a shift to a marketplace model.