A framework venture that helps improve DeFi play

Crypto venture firm Framework Ventures has partnered with mortgage services company Better to help launch a $500 million plan to integrate with decentralized finance protocol Sky (formerly MakerDAO).

Better said on Monday that the framework will help provide $500 million in credit to Sky’s stablecoin ecosystem, allowing for the issuance of tokens tied to yield-generating mortgages.

Vance Spencer, co-founder of Framework Ventures, said real-world assets are “one of the most important frontiers in decentralized finance, and government-backed conforming mortgages are one of the largest real-world asset classes in the world.”

The plan comes amid growing interest in tokenization from traditional financial companies, with companies such as BlackRock dabbling in tokenization for money market funds.

Tokens are only available to accredited investors, but we plan to expand in the future

Fortune magazine reported on Monday that the framework has also entered into a deal to buy a 10% stake in Better, currently worth about $45 million, and that the planned token will initially be available only to accredited investors.

Better founder and CEO Vishal Garg said the company would issue the token and then “consider how we can get it into the hands of consumers,” but declined to say when the token would go on sale.

Fortune reported that the retail-focused token will be called “Home Token,” citing people familiar with the plan.

This comes as Nasdaq-listed Better (BETR) stock has struggled after hitting a high of more than $86 in late October.

The company’s stock price has since fallen, ending Monday’s trading at about $27, down nearly 17% since the beginning of the year.

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Garg told Fortune that the move into cryptocurrencies is due to the promise of lower fees and operating costs, explaining that “there are so many layers of intermediary that we can tap into.”