{"id":11173,"date":"2021-09-28T13:40:50","date_gmt":"2021-09-28T12:40:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=11173"},"modified":"2021-09-28T13:40:55","modified_gmt":"2021-09-28T12:40:55","slug":"bacon-protocol-launches-decentralized-mortgage-platform","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bacon-protocol-launches-decentralized-mortgage-platform\/","title":{"rendered":"Bacon Protocol launches decentralized mortgage platform"},"content":{"rendered":"\n
Bacon Protocol on Tuesday launched a decentralized mortgage platform <\/a>that allows crypto holders direct access to the mortgage investment market via a new stablecoin backed by USD Coin (USDC) and home loans.<\/h5>\n\n\n\n
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Bacon also stated on Tuesday that it will perform a public sale of the bHome token, which is characterized as a Stable+ Coin that is backed “dollar for dollar” by USDC, liens, and loans on properties\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in the United States. Early buyers will be eligible for additional benefits in the form of the BACON governance token.<\/p>\n\n\n\n

The Bacon Protocol works by allowing homeowners to trade a lien on their home for a nonfungible token, or NFT, that represents a percentage of the home they bought.<\/p>\n\n\n\n

The NFT provides buyers with collateral in order to gain access to other crypto markets, such as decentralized finance (DeFi). LoanSnap, a financial services startup backed by Virgin that helps American homebuyers save on interest rates and other associated costs, will initially handle the entire transaction.<\/p>\n\n\n\n

The mortgage market in the United States is a complex ecology that includes banks, firms, governments, and borrowers. The total value of all home mortgages in the United States<\/a> was predicted to exceed $11 trillion in 2019.<\/p>\n\n\n\n

Despite historically low-interest rates, the market draws large investors looking to collect mortgage and lien interest payments. <\/p>\n\n\n\n

Each year, it is estimated that banks, corporations, and governments purchase approximately $2 trillion in mortgages. Meanwhile, as of Thursday, the Federal Reserve's balance sheet contained nearly $2.5 trillion in mortgage-backed securities.<\/p>\n\n\n\n

While some mortgage lenders have expressed interest in accepting bitcoin payments, the industry has so far remained mostly outside of DeFi's purview<\/a>. As new inventions continue to cross the gap between these two realms, this could soon alter.<\/p>\n\n\n\n

Bacon Protocol backers, such as Alex Pall of The Chainsmokers startup fund, believe that blockchain technology can bring mortgage investments to a wider audience. Major banks currently earn billions of dollars in interest on their mortgage assets each year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bacon Protocol on Tuesday launched a decentralized mortgage platform that allows crypto holders direct access to the mortgage investment market via a new stablecoin backed by USD Coin (USDC) and home loans. Bacon also stated on Tuesday that it will perform a public sale of the bHome token, which is characterized as a Stable+ Coin […]<\/p>\n","protected":false},"author":12,"featured_media":11174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[4684,197,3861],"class_list":["post-11173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","tag-bacon-protocol","tag-defi","tag-mortgage"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/image-283.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=11173"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11174"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=11173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=11173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=11173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}