The US mortgage market is undergoing a technological revolution. According to Coindesk, blockchain mortgage service provider Figure Technology Solutions has submitted a confidential IPO application to the SEC. Founded by SoFi co-founder Mike Cagney, the company plans to go public on Nasdaq, with an expected fundraising scale between $500 million and $1 billion.

The uniqueness of Figure lies in its use of self-developed Provenance Blockchain technology to process Home Equity Line of Credit (HELOC) applications. This innovative model greatly enhances efficiency, compressing the traditional mortgage process that could take weeks into just a few days. The company claims that they can complete the approval in about 5 minutes and disburse the funds within 5 days.

This high efficiency is not only reflected in the processes but also in the company's financial performance. Figure expects to achieve an adjusted EBITDA margin of over 30% in 2024, demonstrating strong profitability.

Figure's IPO plan is seen as an important milestone for the penetration of blockchain technology into mainstream financial markets. It marks the gradual shift of blockchain applications from the periphery to the large-scale physical asset market, which could have far-reaching implications for the traditional mortgage industry.

As the application of Blockchain technology in the mortgage market matures, the industry generally believes that this will bring new vitality and opportunities to the vast mortgage market in the United States. Figure's innovative model may redefine people's expectations for obtaining mortgages, driving the entire industry towards a more efficient and transparent direction.

However, this innovation also faces challenges such as regulation and market acceptance. The IPO process of Figure and its subsequent performance will serve as an important window for observing how Blockchain technology transforms traditional financial services.