BlockBeats News, February 24 — Canadian venture capital firm Framework Ventures has reached an agreement to purchase approximately 10% of the publicly listed mortgage lender Better.com for about $45 million. This move comes as Better.com plans to enter the asset tokenization space and intends to issue token products backed by $500 million in mortgage and other loan assets.
Sources familiar with the matter revealed that this retail-oriented token may be named “Home Token.” The company stated that the initial tokens will be available only to accredited investors, with plans to gradually expand to a broader user base in the future. Vishal Garg, founder and CEO of Better.com, said that tokenization can reduce intermediary steps, thereby lowering financing costs and providing consumers with lower-interest mortgage products.
It is reported that Better.com is working with DeFi ecosystem Sky to advance the tokenization of mortgage assets. Sky uses real-world assets (RWA) to support stablecoins, with the current ecosystem capital approximately $18 billion. Framework Ventures is also one of Sky’s key supporters.
Better.com had planned to go public in 2021 with a valuation of $7.7 billion, but its actual IPO in 2023 saw its stock price plummet over 90% on the first day. The company’s current market value is about $450 million.
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