Bacon Protocol has a new decentralized mortgage program in the works

Bacon Protocol has a new decentralized mortgage program in the works

It’s becoming easier to pay for mortgages with cryptocurrency

Bacon Protocol, the decentralized mortgage lender, was officially launched yesterday. This news means that cryptocurrency investors now have the opportunity to participate in the housing market through a new stable coin-backed USD Coin (USDC) and different mortgage loans. The options expand for new and established investors, which is a great benefit for the industry as a whole.

Bacon, prior to having made the launch of its protocol, said that it plans to hold a public sale of bHome token, which stands out as a stablecoin backed “dollar for dollar” by USDC, loans, and liens on different homeowners in the country. Those who are the first participants in the sale will have the chance to receive additional rewards through the BACON governance token.

With the introduction of Bacon Protocol, owners now have the possibility to exchange a lien on their property for a famous non-fungible token (NFT), which would function as a representation of a percentage of the property they purchased. Through these NFT’s, buyers can obtain collateral to access other crypto markets, including decentralized finance (DeFi). Virgin-backed financial services company LoanSnap will facilitate the process initially. This company is in the business of helping US homebuyers save on interest rates and other associated costs. It has enough experience to make the project a success and turn out for the best.

Although many mortgage providers claim to have a strong interest in accepting cryptocurrencies as forms of payments, the industry has suffered a strong each outside DeFi’s sphere of influence so far. However, this could become a thing of the past, as new innovations continue to bridge the gap between these two worlds.

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