Pineapple Financial (PAPL), a Toronto-based fintech company listed on the NYSE American, has launched a mortgage tokenization platform to begin converting loan records into digital assets on the Injective blockchain, the company announced in a press release on Wednesday.
The company framed this initiative as an effort to move loan information, which typically resides across documents and internal systems, into an auditable, tamper-proof data set that can be used in daily operations.
Tokenization refers to converting real-world assets, from stocks and bonds to real estate, private equity, and loans, into digital tokens recorded on a blockchain.
Pineapple said it has already migrated more than 1,200 previously created mortgage files on-chain, representing approximately $412 million (CAD $570 million) in disbursed mortgage volume.
In the coming months, the fintech company said it will fully transition its legacy portfolio of more than 29,000 originated mortgages totaling approximately $10 billion (C$13.7 billion) and will continue to add new originations.
The company says each tokenized record contains more than 500 data points, which it believes can streamline workflows, support automated verification and real-time audit trails, and potentially improve risk modeling and compliant data sharing with institutions.
As part of the rollout, the lender said it is building two products on top of the tokenized dataset. Pineapple Prime, a permissioned mortgage data marketplace designed to provide compliant access to anonymized loan-level information for benchmarking and analysis, and a product the company plans to provide on-chain access to mortgage-backed yield opportunities.
The company also launched a tokenization landing page with a real-time metrics tracker that updates as new mortgage assets are minted on-chain.
Pineapple CEO Shubha Dasgupta said in a release that the move is aimed at improving transparency and efficiency while enabling new products.
“Pineapple has implemented some of the most advanced security measures in the mortgage space to protect customer data end-to-end,” Dasgupta said in an emailed comment.
“Our approach blends enterprise-grade encryption, modern identity and access controls, continuous monitoring, and secure data governance to ensure the protection of mortgage information at every stage of its lifecycle,” he added.
The platform provides more than $2.2 billion (C$3 billion) in funding annually, operates Canada’s mortgage brokerage network, and provides cloud-based tools and AI-powered systems for brokers.
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