Ethereum-powered mortgages will be available in California and New York by the end of this summer according to the fintech startup Fluidity. The latest cryptocurrency news today explores some more about their idea so let’s find out in the text below.
Fluidity executives say that the new service will be done by the end of the summer once all of the licenses are obtained:
“We’ll tokenize the house, which will effectively take the collateral that is the equity of the house. You’re pledging the house and you get an advanced rate back in terms of dollars.”
Fluidity formed at the start of 2019 when the ConsenSys decentralized exchange merged with FINRA- the registered broker and dealer Propellr. The co-founder of Fluidity Sam Tabar stated that although the ConsenSys founder Joe Lubin is still a major shareholder in AirSwap, the new fintech startup will have a whole new distinct set of shareholders. Some of the shareholders include investors such as Brock Pierce, Bill Tai and the CEO of Galaxy Digital Mike Novogratz as reported in the coming altcoin news.
The upcoming ethereum-powered mortgages will use smart contracts and cryptocurrencies for back-end-management. Fluidity executives stated that the startup is only exploring the partnerships with the ethereum-based lending platforms including MakerDAO’s dollar-pegged DAI loans.
Despite the fact that the ethereum-backed stablecoin is still struggling to achieve liquidity and stability on the market, Lippiatt stated that the ethereum-based mortgages that emerged from a prospective partnership as theirs would only involve a ‘’mitigatable’’ risk. This is because neither the property seller nor the borrower will be in direct contact with the cryptocurrency. He pointed out:
“We will deal with the inner workings of the decentralized system. The borrowers pay back in dollars and we will also be managing the risk profile of the underlying securities.”
Briefly explained, the borrowers will have to submit an online credit card check and all of the personal information just like any other time getting a loan. Fluidity processes the information and will create a smart contract with a tokenized version of the mortgage. Lippiatt says that the loans could later be packed together and resold as securities. He pointed out:
“The whole portfolio will be a composition of a bunch of different loans. We’re looking at methodologies by which we can deploy [underwriting] more algorithmically.”
Ethereum Network Development: The $30 Million Investment In Detail
"Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets," the post noted.Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 - as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys' Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum - which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations. As we previously reported on our crypto news site, the "rerelease" of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.
Cryptopia Hackers Are Moving The Funds In At Least Four Wallets
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon
Ethereum Possession: 376 People Own 33% Of All ETH
“These preliminary findings are consistent with the literature on stock market prices and volatility,” the report on Ethereum possession concluded. “Academics have found that large anomalous fluctuations in traded volumes of particular stocks, notably the S&P 500, tend to impact volatility and not price levels.”
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