Figure @FigureMarkets (a leading #RWA company) registers a S-1 for a digital blockchain certificate company "FIGURE CERTIFICATE COMPANY" with the #SEC - the first blockchain notes.
People this is the first ever digital security registration!!!!!
Products include:
Figure Transferable Certificates
∙ Issued as digital representations of FCC’s face-amount certificates that can be transferred through peer-to-peer transactions (as described below) and through transactions on a registered alternative trading system (“ATS”).
∙ Issued, surrendered, and/or transferred using blockchain technology.
∙ Interest rate applicable to all Certificates is the overnight Secured Overnight Financing Rate (“SOFR”) less 50 basis points, with a minimum rate of 0.00%.
∙ Simple interest accrues daily and is credited daily to the Certificate holder of record (determined on each day’s record time).
∙ Accrued interest is paid monthly in U.S. dollars that will automatically be reinvested in additional Certificates, unless an investor opts out of the automatic reinvestment.
∙ Interest payments are rounded down to the nearest penny.
∙ Matures 20 years from the issue date of a Certificate at the face amount ($0.01/certificate), plus accrued interest (minus any applicable expenses or fees).
Figure Installment Certificates
∙ Issued as digital representations of FCC’s face-amount certificates.
∙ Issued and/or surrendered using blockchain technology.
∙ Issued periodically at a minimum price of $1000/certificate and a maximum price of $1 million/certificate.
∙ Additional installments equal to 25% of the initial payment.
∙ Interest rate applicable to all certificates is the overnight SOFR rate with a minimum rate of 0.00%.
∙ Simple interest accrues daily and is credited daily to the Certificate holder.
∙ Accrued interest is paid monthly in the form of U.S. dollars, unless an investor chooses to automatically add interest payments to their certificate’s principal amount.
∙ Interest payments are rounded down to the nearest penny.
∙ May be surrendered at any time at the face amount (the aggregate of the initial price and all installment payments/certificate, plus any interest added to principal/certificate, minus any withdrawals), plus accrued interest (minus any applicable expenses or fees).
∙ Matures 20 years from the issue date of a certificate at the face amount (the aggregate of the initial price and all installment payments/certificate, plus any interest added to principal/certificate, minus any withdrawals), plus accrued interest (minus any applicable expenses or fees).
FCC currently uses the @provenancefdn Provenance Blockchain as the primary public blockchain and purchasers of Certificates may initially hold their wallets on the Provenance Blockchain. However, FCC may also use the #Polygon, #Aptos, #Avalanche, #Arbitrum, #Ethereum, #Solana, and #Base and other suitable blockchains for accounts upon request and subject to eligibility. The transfer agent’s blockchain network suitability framework is described in greater detail in the section “Suitability for Blockchain Networks” and includes certain key standards such as redundancy qualities, continuous uptime, block time, and transaction fees. Potential and existing Certificate holders must contact FCC’s transfer agent to determine eligibility to hold digital representation of Certificates on a blockchain other than Provenance and the availability of the other blockchain. Approval to hold a digital representation of a Certificate on a blockchain other than Provenance is subject to the sole discretion of FCC and its transfer agent. For more information regarding eligibility criteria for the available blockchain networks, see “Blockchain Network Suitability Framework.”
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