Partnership will integrate Figure’s secondary marketplace on the Provenance blockchain with SUBSCRIBE’s leading order management system and electronic subscription document technology
Launch of SUBSCRIBE Passport offers institutional investors, fund managers, and industry service providers a powerful decentralized finance investor identity
SUBSCRIBE, the leading order management system and electronic subscription document technology for alternative product transactions, today announced a strategic partnership with Figure Technologies, Inc. (“Figure”), a leading financial technology company that leverages blockchain technology to empower decentralized finance (DeFi), to launch the SUBSCRIBE Passport, an industry standard and compliant smart subscription platform and universal investor identity that empowers private funds to quickly issue digital interests to their limited partners on the Provenance blockchain. The new technology delivers a seamless on-ramp to the blockchain for the industry’s largest investors and fund managers, ushering in a new DeFi era for alternative investments.
The SUBSCRIBE Passport is a universal investor identity that allows investors to onboard into private funds across both the traditional and DeFi fund administration infrastructures. Institutional investors are able to invest in Provenance blockchain administered alternative investment funds using the Passport and thereby benefit from a portable and reusable data set of their investor information, real-time investor verification and subscription status tracking, and an embedded secondary market allowing for liquidity of their private fund interests.
The DeFi Smart Subscription Platform will allow institutional investors that invest in private equity, private credit, real estate, venture capital, co-invests, and hedge funds to completely digitize – eliminating the archaic manual, error-prone, and paper-based fund subscription process – and benefit from the efficiencies offered by blockchain technology. The seamless system-to-system integration maintains the industry’s current standard process for investor onboarding to private funds and thus requires no additional effort on the part of the investor.
“Provenance is an emerging example of how blockchain technology can disrupt financial services in real-time,” said Rafay Farooqui, CEO of SUBSCRIBE. “While most firms are stuck in the exploratory phase, the blockchain-based infrastructure behind DeFi is maturing at an accelerating rate. Together, SUBSCRIBE and Figure are moving the ball forward for the largest alternative fund managers with our institutional-grade on ramp to the future of financial services.”
SUBSCRIBE’s industry standard electronic subscription document technology is used by more than 5,000 institutional investors, 1,200 fund managers, and over 300 service providers, including the leading fund formation law firms, fund administrators, and asset custodians, across the globe.
“Our partnership with SUBSCRIBE will accelerate the adoption of blockchain in the private funds industry,” added Figure CEO Mike Cagney. “Bilateral trading of digital fund interests in a liquid secondary market will be transformative for private funds. Partnering with SUBSCRIBE, the leading order management system for institutional fund managers, allows us to offer the first turnkey solution to seamlessly deliver traditional and digital fund interests side by side, driving third party adoption of Provenance at scale.”
Figure helped develop Provenance, an open source blockchain technology specifically designed for use across multiple asset classes and markets in the financial industry. The company provides a range of blockchain-enabled solutions for institutions and individuals, including digital fund services that hold the promise of simplifying fundraising, distribution, and secondary trading for the private fund market. In July 2021, Figure and Apollo Global Management announced a partnership to issue funds on the Provenance blockchain.
ABOUT SUBSCRIBE
SUBSCRIBE is a fintech company digitally transforming the landscape of alternative investments for fund managers, institutional investors, wealth managers, law firms, and fund administrators. Our platform technology modernizes the archaic infrastructure of private fund investments by delivering a central operating system — catering to every role within the investment process empowering them to connect any fund, any investor, anywhere in the world on a single platform.
