Morgan Creek-backed blockchain equity loan platform Figure has completed a $1 billion “uncommitted” financing facility via blockchain, the firm announced in a press release on May 9.

Custodied on Figure’s blockchain platform Provenance.io, the new facility was closed along with major global investment banking firm Jefferies and multi-billion dollar financial services company WSFS Financial Corporation.

According to the press release, Figure has been working with Jefferies and WSFS for more than six months to deploy the recent financing facility, with WSFS Institutional Service participating as a member of Provenance and acting as trustee for Jefferies.

Mike Cagney, CEO and co-founder of Figure, said that the new financing facility enabled Provenance to support the “entire end-to-end financing of loans, from origination to funding to servicing to financing.” He added that the initiative paves the way for the “first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers."

Founded by SoFi founder and former CEO Cagney, Figure first developed and implemented its distributed stakeholder blockchain Provenance in 2018, the report notes. The company provides security and major efficiencies of blockchain for loan origination, financing, sales and securitization.

In February 2019, Figure raised $65 million from major financial and venture capital companies including Morgan Creek, DCM, Ribbit Capital, Nimble Ventures and partners from DST Global. By that time, the total funds of the firm reportedly totaled at $120 million.

Recently, crypto wealth management and lending firm BlockFi was reported to have more than $53 million in client crypto assets under management.