The investment was led by 10T Holdings and Morgan Creek Capital Management and included contributions from new and existing investors.
Figure seeks to raise $250 million through the special purpose acquisition company, according to a regulatory filing on Thursday night.
The facility covers both conforming and jumbo mortgages – loans in excess of the traditional lending restrictions.
If granted, the charter would replace the blockchain-based lender's hodgepodge of state licenses with a single nationwide regulator.
The deal may serve as a showcase for DLT’s benefits to Wall Street at a time when such use cases no longer generate the same buzz as five years ago.
Asiff Hirji, Coinbase's former president and COO, will take on a new role as president of blockchain-based lending startup Figure Technologies.
Blockchain-based consumer lender Figure added Morgan Creek Digital’s Anthony “Pomp” Pompliano to its board following a $103 million funding round.
Figure Technologies, founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain.