Ep. 22 - Financial Transactions on Blockchain with Mike Cagney

Mike Cagney is the CEO of Figure Technologies, a powerhouse FinTech company looking to transform the Payments, Stock Exchange and Lending Industries. Through its Provenance Blockchain, Figure is able to build products that offer unprecedented speed and ease to its customers. Listen in as Mike talks to Richard about the Genesis of Figure, the formation of its Provenance Blockchain and its plan on helping Americans Figure out their finances through the Power of Blockchain.

To learn more about Mike please visit www.figure.com or its Provenance site at http://provenance.io/. To learn more about Richard or to request a transcript of the podcast please visit www.thinkaen.com.

Show Notes:

(01:14) Mike's Background, Wells Fargo, SoFi Technologies, Figure

(04:18) Selling first company to Broadridge, SoFi and Student Loan Refinancing, Starting the next $100B Company, Not always a linear path, Visa and Mastercard

(07:41) Provenance Blockchain, Ethereum, Decentralized, Cosmos Tendermint

(10:16) Figure's Big Three - Payments, Exchanges, Lending; Being cheaper, faster and more capital efficient; GameStop (GME) and AMC Theaters (AMC)

(16:18) HELOC's and the 5 minute mortgage

(18:53) Mortgage Process, Digital Wallet; Buy loans and Securitize

(19:57) If you build it, they will come; IPO or DeSPAC of different business lines

(21:58) Provenance Blockchain

(24:23) HASH Token, Biggest Challenges and Solutions

(27:05) The false Dichotomy, Stable Coins

(31:38) Custodian Banks and Matching Transactions, NYSE and NASDAQ

(34:38) T+0 Settlement versus T+2 Settlement, T - Instant

(39:04) Stock trading on Blockchain, Potential Listings

(40:18) SPACs, Ellington, Mike Vranos

(43:39) Board of Directors at Figure, how Mike communicates with them

(44:46) Learning more about Crypto and Blockchain

(47:03) Closing remarks