Pineapple Financial Moves $1 Billion+ Mortgage Records to Injective Blockchain

Pineapple Financial has successfully transferred over $1 billion in mortgage records to the Injective platform, marking a significant step forward in its strategy to move its legacy loan portfolio onto the blockchain.

The Canadian mortgage company plans to transfer more than 29,000 funded mortgages with a total value of over $10 billion onto Injective's layer-1 platform. This will enable the secure and transparent storage of mortgage files on-chain without altering the original loans themselves.

Pineapple's mortgage data includes over 500 key points that provide detailed information at the loan level, making it easier for verification, auditing, and risk assessment. The company aims to continue transferring its portfolio to Injective as more records are added to its on-chain dashboard.

The value of Pineapple's on-chain mortgage token, PAPL0, has reached around $1.1 billion, representing a 48.2% increase over the last nine months. However, it is essential to note that this token does not represent ownership of the mortgaged assets but rather ties to the mortgages stored on Injective.