Lending firm Figure Technologies is betting on an animated character, called Blockchain, which the firm is hoping will allow it to become more competitive against large financial institutions which currently control most of the businesses that the startup is planning to transform.

As explained via a video ad campaign scheduled to be released this coming Tuesday, Blockchain the character talks about how blockchain or distributed ledger technology (DLT) has been developed and why it might be beneficial.

Figure Technologies lending platform has been launched on a blockchain network. Its essentially a bookkeeping system operated by a network of computers. If people are able to understand how it works, then they might decide to use the companys products and services, Figures senior executives told Reuters.

Brad Simmons, Figure Technologies CMO, stated:

Now is the perfect time to educate consumers.

The firm didnt publicly share exactly how much capital it has allocated towards the development of the Blockchain character project. However, the company did confirm that its Ads would be broadcasted live on online and television platforms.

Figures mascot, which is notably four gray blocks with metal links hanging from its sides, aims to take on the personality of a young tech-savvy salesperson who explains how great of an invention blockchain or DLT is.

The Blockchain character talks to another character with a beard, who is eating instant noodles so hes able to save enough money to pay off his student loans (a huge problem in the US). Blockchain, the character, is also seen talking to a couple interested in obtaining a home loan at a brick-and-mortar bank branch.

Mike Cagney, former CEO at Social Finance (SoFi) Inc, established Figure Technologies back in 2018. Cagney had left his role at SoFi after company workers had claimed that the office environment had become increasingly hostile to female employees and was allegedly enabling senior executives to harass them.

Cagney claims he left the firm because he didnt want to distract the firm from its main focus, which would be its actual business operations.

SoFi managed to grow rapidly after a long recession by refinancing student loans at highly competitive rates for college graduates with potentially great careers ahead of them.

Cagneys new project, Figure Technologies, has mainly focused on managing home-equity loans and aims to streamline routine business processes, while making it more economical and secure compared to traditional lenders, by leveraging blockchain tech.

During the adverts, the Blockchain character points out that most people still dont understand how blockchain or DLT actually works.

The character remarks:

Youve either heard of me and you dont know what I do, or youve never heard of me and you dont know what I do.

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Figure Technologies Introduces New Blockchain Character Who Explains Benefits of DLT in Order to Help Firm Compete with Financial Giants - Crowdfund...