On March 16th, Y Combinator Accelerator backed companies Algofi and Lofty announced a partnership which will allow people to use Algofi’s stablecoin $STBL as collateral for buying fractional ownership in real estate.
For the first time in history, people will be able to use cryptocurrency to buy ownership in real estate investments in the form of tokens. The partnership represents a ground-breaking development in the Algorand blockchain ecosystem and the world of cryptocurrency.
Owen Colegrove, Core Developer at Algofi, said, "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."
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