A crypto investor is helping a publicly traded mortgage issuer dive into DeFi, or decentralized finance. Better.com announced on Monday that Framework Ventures has struck a deal to buy 10% of its stock, worth about $45 million at current prices. The move comes as Better.com plans to dive into tokenization, or the act of putting non-crypto assets like stocks in blockchain wrappers, and as the company plans to issue a token backed by $500 million worth of mortgages and other loans.
The planned mortgage tokens, which propose to grant yield to their holders, will at first be available just for accredited investors. But Better.com plans to expand access to a broader set of participants. “We’re going to be issuing these, and then we’re figuring out, ‘How do we get this in the hands of consumers?’” said Vishal Garg, founder and CEO of Better.com, in an interview.
