Bacon Protocol launches decentralized mortgage platform
The platform gives crypto holders direct access to the mortgage investment market, which is currently controlled by banks and governments. Read the full article by: Sam Bourgi
Key Points:
Bacon Protocol has launched today and cryptocurrency users will now be able to buy percentages of real estate represented by an NFT. The Stablecoin buyers will use to purchase their share will be backed by USDC and home loans.
Right now the mortgage market is controlled by the banks as almost $2 Trillion a year in mortgages is bought up by those banks as well as government purchases. Using DeFi it could bridge the gap and allow regular people to get involved in the housing market.
“Bacon Protocol works by giving homeowners the ability to exchange a lien on their property for a nonfungible token, or NFT, that represents a percentage of the property they purchased. The NFT gives buyers collateral to access other crypto markets, including decentralized finance (DeFi).”
Bacon is backed by investors including Alex Pall of The Chainsmokers venture fund. Pall thinks that bringing blockchain to mortgage investments will become mainstream in a similar way stock and crypto trading did this past year.
