Framework Ventures to help Better launch DeFi mortgage tokens

Crypto venture firm Framework Ventures has partnered with mortgage services company Better to help it launch a $500 million plan to integrate with the decentralized finance protocol Sky, formerly MakerDAO. Framework reportedly struck a $45 million deal to buy 10% of Better and will assist in launching a token on Sky.

Better said Framework would help provide $500 million in credit to Sky’s stablecoin ecosystem, enabling the company to issue tokens tied to mortgages that would generate yield. The planned tokens would initially be available only to accredited investors. Better founder and CEO Vishal Garg said the company would issue the tokens and then be “figuring out how do we get this in the hands of consumers,” without giving a launch date.

A person familiar with the plans said the retail-focused tokens would be named “Home Token.” Shares in Nasdaq-listed Better (BETR) have fallen from a late-October peak above $86 to around $27, leaving the stock down nearly 17% year-to-date and down nearly 6% on Monday.

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