Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed up to $1 billion “uncommitted” line of credit on a blockchain.
Block.one, the company that designed the EOS blockchain software, has appointed a former executive from Jefferies Group LLC to lead its $1 billion venture capital arm.
Block.one announced Thursday that Michael Alexander, who previously served as the chief executive officer of Jefferies’ Asia branch, will now head EOS VC. Based in Hong Kong, Alexander will manage both direct venture investments and EOS VC partnerships.
The startup intends to invest over $1 billion in the EOS.IO platform through its venture arm, with plans to fund companies and projects already using the protocol. Approximately $700 million has already been allocated through VC partnerships in the United States, Europe and Asia, the company said.
Block.one Group incoming president Rob Jesudason said in a statement that the startup wants to support companies building on top of the EOS platform.
“Our partnerships and investment efforts through EOS VC are critical in driving adoption and innovation in the EOSIO ecosystem … [Alexander] has extensive experience in investment banking and is one of the most respected individuals in the financial services industry in Asia. I am delighted he is joining the team.”
Alexander already has 25 years of experience in Asian capital markets, according to the release. Prior to his time at Jefferies, he held an executive position at CLSA Hong Kong and led the Asian Proprietary Trading department at Deutsche Bank Hong Kong.
“Block.one is shaping the next generation of technology and the internet. The vision of its founders has resulted in it being one of the fastest-growing organizations in the world and I am excited to be joining,” Alexander said in a statement.
His appointment comes weeks after EOS officially launched, but as CoinDesk has reported, the nascent network has been beset by issues, primarily around governance. Indeed, the constitution on which the EOS network is currently governed may be rewritten entirely.
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