Block66 is building a new blockchain-enabled marketplace for mortgages. Institutional and private lenders can use the service to offer loans to a wide range of borrowers, introduced by Block66 broker partners. Through the practical use of smart contracts, loans can be taken from origination to facilitation, quickly and efficiently. All loans are also represented as tradable tokenized securities, providing a liquidity mechanism as standard. The ability to trade fractions of loans, and reduced order and issuing fees makes investing more inclusive, providing an attractive investment vehicle for all manner of investors. Thanks to the use of cryptocurrency, Block66 eliminates the need for a bank account, overcomes geographical lending restrictions and reduces counterparty risk to mere minutes. For borrowers, the transparent and competitive nature of the marketplace will benefit the consumer and give them confidence that they’re getting near enough the best offer achievable.
Block66 is building a new blockchain-enabled marketplace for mortgages. Institutional and private lenders can use the service to offer loans to a wide range of borrowers, introduced by Block66 broker partners. Through the practical use of smart contracts, loans can be taken from origination to facilitation, quickly and efficiently. All loans are also represented as tradable tokenized securities, providing a liquidity mechanism as standard. The ability to trade fractions of loans, and reduced order and issuing fees makes investing more inclusive, providing an attractive investment vehicle for all manner of investors. Thanks to the use of cryptocurrency, Block66 eliminates the need for a bank account, overcomes geographical lending restrictions and reduces counterparty risk to mere minutes. For borrowers, the transparent and competitive nature of the marketplace will benefit the consumer and give them confidence that they’re getting near enough the best offer achievable.
Block66 introduces the first platform where lenders can access a marketplace of vetted borrowers looking for mortgage finance. This marketplace is public, transparent, and highly automated, so lending is streamlined, with lower costs, and lower risks. Each loan is represented as a pool of "proof of loan" (PoL) tokens that can be individually resold to investors, providing lenders with liquidity, and empowering a diverse pool of investors.
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Enterprenuer | CEO | ICO Advisor |Investor | Blockchain Enthusiastic | Public Speaker Rated on Sep 9, 2018
5
4
4
20%
Good team and good vision. Whitepaper needs some more details and info graphics. MVP is there but not fully functional. Token economics looks ok. Best of luck team.
ICO advisor|Crypto-asset and ICO investor| Libertarian|CEO of Block Venture Project Rated on Aug 31, 2018 Modified on Sep 6, 2018
4
4
2
17%
Team - some good members, some good education but also some gaps in experience. Needs greater emphasis on legal hires due to the nature of the project. All core team members need to list project on LinkedIn, 3 for now.
UPDATE - as the retort clearly states the legal advice being given, more than happy to update to 4.
Vision - there seems to be a disconnect between the loan and its token securitisation. This seems a little like having you cake and eating it - a lender can create a mortgage, securitise it through a CDO or similar method and then further securitise it through tokens on this platform. Does the platform hold any rights in case of default on the loan? The problems that the project looks to solve don't appear to be problems, in my opinion. Stating that lower credit rated consumers struggle to get mortgage finance this side of the 2008 market crash doesn't strike me as a problem, it seems like prudence. The crash was a result of dodgy economic theory (only pockets of price decreases will be seen, so risk balances on a national/international scale) twinned with political pressure (blueprint for the American dream) which allowed for credit to become free and easy. This project seems to want to reinstigate the issues that caused a world economic crash.
No explanation of how funds raised will be spent. Essentially the first form the project will take is a matching service for lenders and borrowers. This doesn't seem so different to what happens now on comparison websites or through mortgage matching software. There are no competitors mentioned or overview of where or how the platform developed will disrupt the market.
UPDATE - I've been given guidance that there will be no conflicts of mortgages getting included in CDOs or MBSs if they have been tokenised. This calms a few nerves for the project vision for me. I disagree that listing how ICO funds will be spent could get the project into trouble. Being open and honest with your backers is never a bad thing in my opinion. The comments on mortgage matching software are news to me, as there are plenty of platforms that handle it here, but there must be a market for it on the other side of the Atlantic.
Product - pre-MVP, non functional and doesn't seem to fit the vision explained in WP. No MVP. More than happy to update once MVP is ready.
UPDATE - happy to score as a 2 for now as at least some effort to show what the platform will do has been made here.
Please note - the above changes to the review do not constitute financial advice. Be sure to complete your own thorough research of this and any project before you consider backing it.
COO at BlockchainWarehouse Rated on Jul 16, 2018 Modified on Sep 4, 2018
5
5
5
6%
Do a Google search for competitors to get a sense for how far ahead of the game Block66 is: https://www.google.com/search?q=blockchain+mortgages&source=lnms&tbm=nws&sa=X&ved=0ahUKEwipmKSFtqDdAhXTHDQIHS5YAVUQ_AUICigB&biw=2133&bih=1082
Solid team, experience with Habito, a 200 million pound valued company in the UK. The product is being built by developers with experience building products for Lloyd's of London.
The team has a vision to be involved with every single real estate blockchain purchase. It's a big goal, with a team ready to do it.
Joe has 5+ years as a mortgage CEO, James has sold a P2P lending business and their team and advisors combine just the right mix of technology, financial services and real estate.
Some advisors of note:
Hakim - ex-GS trader in mortgage backed securities, now at JP Morgan mortgages
Piper Moretti - first person to buy property with bitcoin. leading female entrepreneur.
Maurice Helirhy, PhD - grandfather of blockchain computing
Blockchain Marketing and Creative Strategist | Investor | Trader Rated on Jul 12, 2018 Modified on Jul 13, 2018
5
5
4
6%
Proven all star team with members that have extensive experience in the space, combined with people that are well versed in the blockchain technology. They are attacking a market that is ripe for disruption. I am honestly surprised that no one has done this yet.
Chief Strategy Officer, Chief Marketing Officer Rated on Jul 30, 2018 Modified on Jul 30, 2018
5
5
5
4%
I'm giving this 5's across the board because this is one of those projects that when I first heard about, I thought, "How is it possible that no one has thought of this already?!?"
Genius idea, tokenizing mortgages and facilitating the purchase of real estate for the everyday person with blockchain. Other real estate focused blockchain projects simply facilitate the purchase of property, with an upfront payment-- what percentage of the population of the world can pay $10million upfront in crypto to buy a house?
I like Block66 because yes, it's cool that you can buy a house with crypto through its competitors, but in reality-- Block66 is a platform that people can and will actually use.
Not to mention the team is filled with people from the mortgage industry, people who have successfully exited FinTech companies, and people with prior crypto experience. This project is a shoe-in in my opinion.
Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.
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INCEPTION
Block66 is conceived. Work begins on drafting the whitepaper and contact is made with some early advisors and team members.
2
Q4 2017
WORK BEGINS
Planning work begins on the Block66 platform. User journeys and operating flows are designed for the matching engine.
3
Q2 2018
TOKEN GENERATION EVENT (TGE)
TGE launch planned for end of June. Office build out begins. Wireframing and prototypes of platform produced.
4
Q3 2018
DESIGN AND DISTRIBUTION PHASE
Ramp up marketing and business development efforts. Form "Block66 Alliance" of customers. Move aggressively into product planning and design.
5
Q4 2018
BUILD PHASE
Alpha testing phase with first customers using the platform. First "Block66 Alliance" report.
6
Q1 2019
RELEASE PHASE I
MVP Launch, with first batch of on-chain loans funded and distributed via the network.
7
Q3 2019
RELEASE PHASE II
Loan tokenisation. Network users can trade on-chain securities on a fractional basis, with smart contracts ensuring that loan repayments are distributed to all token holders.
Benchy