back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Coadjute partners with R3 to launch the UK’s first mortgage stablecoin

By Joy Dumasia

September 30, 2021

  • Blockchain Technology
  • Coadjute
  • Crypto
Share

Coadjute, the real-time network that connects the property market, has announced plans to enable retail banks in the UK to issue a mortgage stablecoin on their network, working in partnership with global technology firm R3. The service is set to vastly improve the movement of mortgage funds, which amounts to over £240bn each year nationally.

The current process for completing a property transaction has seen little innovation in the last 20 years. Multiple parties move large amounts of money between a complex array of accounts, often using email and phone calls to communicate and check details.

Coadjute’s new approach is to enable mortgage stablecoins to be issued on the Coadjute Network. The stablecoins are purpose-built for mortgage completions and transform the efficiency with which funds can be moved and settled between the parties involved in a property transaction, including mortgage lenders, conveyancers and estate agents.

John Reynolds, COO of Coadjute, said: “The opportunity to reduce push payment fraud is particularly significant. We enable conveyancers to continue to manage transactions but without having to take on the risk of holding cash in client accounts.  This, in turn, could unlock lower Professional Indemnity Insurance premiums, potentially by more than 15%, a significant saving for a sector struggling with recent PI insurance increases.”

The Coadjute network is based on R3’s Corda enterprise blockchain technology, which lies behind many large-scale financial networks, including Italy’s Spunta Banca DLT solution, which over 100 Italian banks use for settlement, 91% of the Italian banking market.

Dan Salmons, CEO of Coadjute, said: “Blockchain technology is no longer just about cryptocurrencies and is now being applied to highly regulated environments such as Central Bank Digital Currencies. Coadjute’s mortgage stablecoin represents the ultimate in control, having been designed expressly and solely for the completion of mortgages.”

Previous Article

September 30, 2021

ProcessUnity announces significant growth investment from Marlin Equity Partners

Read More
Next Article

September 30, 2021

Phos adds PIN to its leading software-only solution for global merchants

Read More










IBSi Daily News Analysis

The Weekly Wrap

October 07, 2022

Blockchain Technology

The Weekly Wrap: all you need to know by Friday COB | Oct 7th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

BKN301 Tech launches 301pay

Read More

October 06, 2022

ZenLedger partners with BitPay to accept cryptocurrency payments

Read More

October 03, 2022

YES BANK executes first cross-border live transaction on the SLDE platform

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022