The Bacon Protocol will provide cryptocurrency holders with access to the mortgage investment market. Users will be able to make payments in the real estate market using the bHome stablecoin.
As part of the project, a new platform will be launched and the bHome stablecoin will be publicly sold. Investors participating in the early sale will receive additional rewards. Once the platform is launched, homeowners will be able to exchange property liens for non-fungible tokens (NFT).
The use of NFT will give users access to decentralized cryptocurrency markets. The entire process will be supported by Virgin LoanSnap, which helps US home buyers save on interest rates and associated costs.
Banks and companies in the United States issue over $ 2 trillion in mortgages annually, and some providers are interested in accepting cryptocurrency payments. The industry is now under the influence of large banks that earn billions of dollars in annual interest.
However, with the launch of projects such as the Bacon Protocol, this may change. Bacon Protocol proponents, including Alex Pall of The Chainsmokers, speculate that blockchain will make mortgage investments available to a wider audience.
In the past few years, cryptocurrencies have been actively used in the residential sector. This year, US mortgage operator United Wholesale Mortgage said it would begin accepting Bitcoin payments by the end of 2021.
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