By coupling decentralized finance with real estate—the largest asset class in the world—the two Algorand-based companies have made possible a novel, tangible use case for DeFi
Algofi and Lofty, two companies backed by the Y Combinator accelerator, have partnered to enable people to use $STBL, Algofi’s stablecoin, as collateral to buy fractions of investment properties. $STBL is the first native stablecoin on the Algorand blockchain.
Algofi is a decentralized lending protocol and stablecoin built on the Algorand blockchain. Lofty is the largest tokenized real estate marketplace where you can invest in tokenized real estate for only $50 and sell anytime.
Latest Fintech News: The Data Mynt Crypto Payment Processing Platform is Live on the Polygon Network
This is the first time in history that people can seamlessly use cryptocurrency as collateral to buy tokens that represent ownership in real investment properties. This is not only a monumental development in the Algorand blockchain ecosystem, on which both Algofi and Lofty are built, but it is also a game-changer for the broader world of cryptocurrency.
This partnership provides a long awaited, tangible use case for DeFi by coupling it with the largest asset class in the world – real estate. It is also the first time that $STBL grows beyond its DeFi native roots. Lastly, it makes it easier than ever for crypto natives to adopt a barbell strategy that offsets crypto volatility and builds wealth.
Latest Fintech News: C2X Announces $25 Million Funding Round Led By FTX Ventures, Jump Crypto and Animoca Brands
“Algofi is excited to see continued growth in the adoption and utility of STBL, the protocol’s decentralized stablecoin. With this exciting partnership, users will be able to leverage their cryptocurrency as collateral to invest in real estate offered by Lofty” – Owen Colegrove, Core Developer at Algofi.
“This partnership is huge for the entire crypto community because it’s the first time in history that people can use crypto as collateral to buy real investment properties. The future is here.” – Max Ball, COO at Lofty.
Latest Fintech News: Social Cryptocurrency Investment Platform Bit.Store Launches Crypto-Linked Card
[To share your insights with us, please write to sghosh@martechseries.com]
