AQRU PLC (AQSE:AQRU) told investors it has partnered with Blimp Technologies Inc to launch ByBrix, which is to pursue opportunities in the crypto-mortgage market.
The companies believe there is a large addressable market for cryptocurrency-backed mortgages and, citing data from Glassnode, said there are more than 147,000 cryptocurrency wallets containing $300,000 or more worth of Bitcoin.
"With the launch of ByBrix, we are bridging the gap between decentralised and traditional finance by enabling people to use their cryptocurrency to purchase property,” said AQRU chief executive Philip Blows.
“We are thrilled to be developing offerings that not only enable investors to take advantage of all the opportunities available in decentralised finance [DeFi], but that can also strengthen our presence in the DeFi sector and deliver long-term value for our shareholders."
Matt Shaw, Blimp chief executive, added: “The home-buying process has become increasingly expensive and difficult, and there is desperate need for innovation in the space.
“By launching ByBrix in partnership with AQRU, we are combining our expertise in real estate and blockchain technology with AQRU's significant experience in FinTech and decentralised finance to offer a feasible solution to people who want to buy property using their cryptocurrency.
“We are delighted to be taking this important step in our mission to democratise and streamline the real estate market and look forward to seeing ByBrix grow."