Categories: Ethereum

Fluidity to develop the first Ethereum powered mortgages in New York and California

Click here to view original web page at blockmanity.com

Fintech Startup Fluidity announced its plans to launch a project that will log mortgages onto the Blockchain network.

At the Fluidity Summit held on May 9th, the company released its schedule to develop the first Ethereum-powered mortgages in New York and California. The service is set to launch this summer and is expected to feature lower rates when compared to traditional loans.

The chief architect of Fluidity, Todd Lippiatt, said:

Advertisement

“We’ll tokenize the house, which will effectively take the collateral that is the equity of the house. You’re pledging the house and you get an advanced rate back in terms of dollars.”

The startup’s upcoming mortgages are expected to use Cryptocurrency and smart contracts for back-end management. Lippiatt said that Fluidity is currently looking for partnerships with Ethereum-centric lending platforms like MakerDAO’s dollar-pegged DAI loans.

Borrowers must submit online credit checks and all other essential information just like in any other online loan platform. Fluidity will then process the information and create a smart contract using a tokenized representation of the mortgage. The company can then package these loans together and resell them as securities via an exchange like AirSwap. Fluidity plans to offer cheaper rates compared to banks, with borrowers going through a process similar to a traditional loan.

The whole process provides the borrower with a quasi-traditional mortgage. The issuer and the subsequent traders are the main beneficiaries of this blockchain system functionality. Lippiatt noted that the demographics of the underbanked and low-income borrowers are a prime fit for such loans.

Also Read:

As reported by Bloomberg, a division of French multinational bank, Societe Generale SA has sold 100 Million Euros ($112 million) worth of Ethereum bonds backed by mortgages to itself. The bank had previously said that it was looking into how … Continue reading

Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

At the Fluidity Summit held on May 9th, the company released its […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: eth ether exchange platform

Recent Posts

  • Bitcoin Business

Litecoin and the Miami Dolphins Join Hands Over Charity

Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More

4 hours ago
  • Bitcoin Business

Crypto News: Grayscale’s Record Inflows, Shell’s New Blockchain Investment

Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More

4 hours ago
  • Bitcoin Business

David Koepsell (YICB 07), Co-founder of Encrypgen, LLC and Blockchain in Healthcare Global

David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More

4 hours ago
  • Bitcoin Business

Bitcoin, XRP, And LTC Prices Recover After Tumbling On Libra Hearings, What’s Next?

Congressional hearings on Facebook’s Libra took major cryptocurrencies on a wild ride last week. After tumbling early in the week,… Read More

4 hours ago
  • Bitcoin Business

Fiat Money Outpaces Bitcoin 800:1 for Money Laundering: Report

Research by Messari revealed that for every dollar used on the dark web in bitcoin, $800 is laundered in cash.… Read More

4 hours ago
  • Bitcoin Business

Silver’s Rally May Be Fueled by Concerns About Bitcoin’s Status as a Safe Haven Investment

Bitcoin and the entire cryptocurrency markets have incurred a severe bout of volatility over the past several weeks and months,… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More