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Feb 09
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LONG
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Matthew Sigel
Head of Digital Asset Research at VanEck
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Sigel cites Figure as a "successful IPO from last year" that has taken "10% market share in the origination of HELOCs" (Home Equity Lines of Credit) using the Provenance blockchain. This is the "upstream origination" thesis. Figure isn't just tokenizing a fund; they are using blockchain rails to originate loans faster and cheaper than competitors. This allows them to earn healthier margins while offering competitive rates, creating a flywheel that steals market share from traditional lenders. LONG. This is a play on RWA infrastructure that has actual product-market fit. Real estate market downturn reducing demand for HELOCs. |
The Block
VanEck's AVAX thesis: product-market fit, eco...
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