Blockchain startup Intain announced a funding round from Blizzard, a venture fund that supports the Avalanche public blockchain, and JAM FINTOP Blockchain, a fund associated with community banks.
Intain started by focusing on servicing conventional loan securitizations and in 2020, partnered with the fourth-biggest trustee in the asset-backed securities sector, WSFS Institutional Services. Currently, almost $5 billion in assets are administered on the Intain ADMIN platform. Now it’s additionally planning to launch a tokenization service.
The blockchain solution solves a major pain point in servicing these securities, which must be administered for between seven and 15 years. Despite the passage of almost 15 years since the Great Financial Crisis, there is no major centralized service for monitoring and reporting how each loan in a pool is performing. This implies that the participants in securitizations don’t want to rely on a centralized entity.
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