SAN FRANCISCO, Oct. 18, 2022 (GLOBE NEWSWIRE) — Ceiling carpetthe leading digital real estate platform specializing in single family rental (SFR), today announced the first real estate sale via non-fungible token (NFT) enabled by Roof covering on chain (ROC), its web3 subsidiary. ROC facilitates the immediate sale and settlement of detached house (SFR) properties listed on its NFT marketplace driven by Protocol of origin. Located in Columbia, South Carolina, this property is the first USDC sale with onchain financing. Using web3 technology makes it possible to buy properties more efficiently and transparently with lower costs, compared to conventional residential property transactions.
“I never imagined that I could buy and finance a house with a single click, instead of going through the time-consuming and cumbersome traditional settlement and mortgage process. I am grateful that Roofstock paved the way for the rest of the market,” said the buyer of the SFR South Carolina property, Adam Slipakoff, a seasoned real estate investor. “Instead of waiting months for drawings, appraisals, title searches and preparation of deeds, I could buy a fully title-insured, ready-to-rent property with one click. Best of all, I am no web3 expert – the Roofstock onChain platform made it easy and simple.”
Each home is the title in a limited company whose ownership is linked to a unique Home onChain, which is an NFT on the Ethereum blockchain. Each Home onChain is transferred using smart contracts, which are distributed on the Ethereum network, and the entire transaction takes place transparently on the blockchain.
“For Roofstock, offering a radically simple way for SFR properties to be bought and sold in one click using web3 technology is an important milestone,” said Geoff Thompson, Chief Blockchain Officer at Roofstock onChain. “We are pleased to offer home.buyers access to various web3 financing options, ushering in a new era of real-world asset ownership through our partnership with Teller,” added Sanjay Raghavan, head of web3 Initiatives at Roofstock onChain.
The Counter protocol will be used to provide financing opportunities for this and future properties. Buyers can apply for a loan for up to 80% of the loan value of the sale price of NFT with USDC home, a DeFi lending pool maintained on the Teller protocol. USDC Homes is not affiliated with Circle, the issuer of USD Coin (USDC) and Euro Coin (EUROC). USDC Homes works with a network of underwriters and data providers to verify identity and provide credit ratings for lenders. Buyers can seamlessly convert USD to USDC through Wyre. Teller has eavesdropped Polygon to facilitate loans due to Polygon’s low gas fees and decentralized network.
“The USDC Homes lending pool on Teller connects real estate markets with DeFi. We are pleased that USDC Homes can operate financing opportunities on Roofstock onChain’s real estate marketplace. Now their users will be able to finance real estate purchases with crypto loans on the chain, says Ryan Berkun, founder and CEO of Teller.
“This sale is an exciting milestone for Roofstock and its commitment to making the process of buying real estate more accessible,” added Kash Razzaghi, Chief Revenue Officer of Circle. “Circle is excited to work with Roofstock and bring the benefits of USDC – a more efficient, secure and transparent method of value exchange over the internet – to the real estate world.”
Liquidity providers make individual home-backed loans to borrowers through the USDC Homes pool at Teller. USDC Homes also offers both unsecured and secured lending options, where ETH, BTC, USDC and other popular coins can be pledged as collateral. Although all transactions related to the loan take place on-chain, borrowers can include off-chain data such as credit scores when applying.
“Cutting out intermediary fees is one of the pillars of Web3, and this is just the beginning. As more and more property is brought on-chain through NFTs, we will see more efficient and liquid markets for these traditionally illiquid assets, said Matthew Liu, co-founder of Origin Protocol.
As in all Teller pools, users can participate as lenders or borrowers. Borrowers can raise the loan request to finance the purchase of Home onChain (NFT associated with the underlying SFR property) on USDC Homes. Once the lender approves and funds the borrower’s request, the USDC Homes platform will use the funds to purchase the LLC NFT and then transfer the NFT to an escrow account, a multisig wallet, until the borrower repays the entire loan with interest on the Polygon network.
“The Roofstock team is innovating on the bleeding edge of real estate finance. Roofstock onChain allows buyers to finance SFR properties efficiently without going through the traditional settlement process. With Polygon’s low gas fees and robust security, we are excited to be the cornerstone of this next phase of DeFi,” said Hamzah Khan, Head of DeFi at Polygon.
“We are excited to be the fiat to crypto on-ramp for a real estate NFT purchased with USDC, and to continue bridging the transition between traditional and digital economies,” said Yanni GiannarosCEO and co-founder of Wyre.
About Roofstock onChain
Roofstock onChain is the web3 subsidiary of Roofstock, the leading digital real estate investment platform for the $4 trillion single-family home sector. Using blockchain technology, Roofstock onChain allows investors to purchase tokenized single-family rental properties with one click, and to transact with crypto, reducing the time and costs incurred by legacy systems.
Roofstock provides comprehensive resources for investors to actively participate in the SFR space, including data analysis, links to property management companies and contractors, and other management tools. Founded in 2015, Roofstock has facilitated more than $5 billion in investment transactions to date.
To learn more or get started with Roofstock onChain, please visit onchain.roofstock.com.
About Teller
Says is a market participant-driven DeFi (“Decentralized Finance”) protocol that enables unsecured lending and borrowing of digital assets. The Teller protocol achieves this through an open order book model that allows participants to share commonly used off-chain credit data with on-chain loan requests.
Marketplaces and lending platforms can integrate the Teller protocol to fill loan requests, allowing lenders to decide which loans to fill based on attached borrower data. The Teller Protocol expands the scope of potential market participants in digital asset lending, promoting the acceleration of DeFi adoption, and ultimately facilitating the development of a new class of cryptocurrency lending products linked to both off-chain and on-chain credit signals.
About the Origin Protocol
Founded in 2017, Origin Protocol is a web3 pioneer developing innovative products in the crypto industry’s fastest growing verticals of non-fungible tokens (NFT) and decentralized finance (DeFi). Origins NFT Platform, History of origin, the platform’s NFT product, has powered NFT sales such as 3LAU’s record-breaking $11.7 million music sale, Charlie Bit My Finger viral video sales that generated global headlines, Paris Hilton’s iconic “Past Lives, New Beginnings” streak, and many more. Origin has worked with top NFT creators such as Trevor Jones and Alotta Money as well as brands such as the Rolling Stones and Inspiration4/SpaceX, as well as developing marked marketplaces for beloved NFT collections including Pudgy Penguins and Karafuru.
About Wyre
Wyre is the leading payments infrastructure company built for the crypto ecosystem. Focused on developers, the company offers easy-to-integrate APIs that enable thousands of developers to bring crypto to the masses. The company has “transferred” over 15 million end users to its partners and has processed over $10B in payments since inception. “Checkout”, Wyre’s flagship product, is the world’s fastest fiat-to-crypto gateway and has helped hundreds of crypto applications better reach their customers. Wyre has been an active player in the crypto space since 2013, supporting customers in over 100 countries worldwide, providing them with seamless access to blockchain technology. For more information, please visit www.sendwyre.com.
About polygon
Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for the Web3. The growing suite of products gives developers easy access to large scale solutions, including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, standalone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 53,000+ decentralized applications hosted, 2.1B+ total transactions processed, 174.9M+ unique user addresses, and $5B+ in assets secured. The network is home to some of the biggest Web3 projects such as Aave, Uniswap, OpenSea and well-known companies including Meta, Stripe and Adobe. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.
If you’re an Ethereum developer, you’re already a Polygon developer! Take advantage of Polygon’s fast and secure txns for dApp, get started here.
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