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- The new mechanism challenges the age-old financial practices and allows users to convert their equity into digital assets.
- The peer-to-peer marketplace eliminates the intermediate parties from the equation, and blockchain ensures a secure transaction with no paperwork.
- The homeowners get to enjoy the full extent of their residential rights and also remain debt-free.
Vesta Equity announced the global home equity marketplace on Thursday, declaring it is collaborating with Algorand blockchain to launch its modern solution for residential property financing and investing.
Vesta’s debt-free Financial Solution
Vesta is an investment firm targeting real estate opportunities and aims to provide homeowners with tools to simplify managing their assets and investments. With this partnership, Vesta uses Algorand to launch real estate tokenization services. The new mechanism challenges the age-old financial practices. It avails users the facility to convert their equity into digital assets. When required, they can sell a percentage of it to accredited investors without compounding interest or requiring an outright sale.
Vesta’s peer-to-peer marketplace eliminates the intermediate parties from the equation, and blockchain technology allows all data to be available and verified automatically. Efficiently, the homeowners get to enjoy the full extent of their residential rights and also remain debt-free.
Blockchain-based Solution for a Society of Debt
CEO and Co-Founder of Vesta Equity, Michael Carpentier, has accepted debt as part of living in this society, but it doesn’t have to be stressful either. So to ease the task, Vesta turned to technologies. With superior performance, flexible architecture, low transaction fees, and transactional performance scalability, the partnership aim to combine and bring its users the best of both industries.
COO of Algorand, W. Sean Ford revealed, both Vesta Equity and Algorand share the idea that blockchain is a “more efficient, transparent and secure” medium of value “creation and exchange”. And so Algorand is “excited” to support Vesta in leveraging “the core principles of blockchain to redefine the real estate equity market” and creating new doors to more convenient “market opportunities”.
Market Launch and Availability
Vesta’s market release is expected by September 2021. The investment firm plans to use USDC stablecoin for settlements on Algorand’s platform, starting first with homes owned in California and then gradually covering the United States and North America.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
