Pineapple Financial Starts Migrating its $10B Mortgage Portfolio Onchain via Injective

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Pineapple Financial Starts Migrating its $10B Mortgage Portfolio Onchain via Injective

The Canadian fintech has already put data tied to about $412 million in funded mortgages onchain, and aims to migrate more than 29,000 loans over time.

By Will Canny, AI Boost|Edited by Cheyenne Ligon

Dec 10, 2025, 12:00 p.m.

Pineapple Financial begins putting C$13.7B mortgage book onchain via Injective. (CoinDesk)

What to know:

• Pineapple Financial said it launched a mortgage tokenization platform on the Injective blockchain and has started migrating its loan records onchain.
• The company has a longer-term goal of moving its historical portfolio of more than 29,000 funded mortgages, totaling about $10 billion (C$13.7 billion), onto the blockchain.
• Each tokenized mortgage record includes more than 500 data points and will underpin a permissioned data marketplace and a planned product offering onchain mortgage-backed yields, the company said.

Pineapple Financial (PAPL), a Toronto-based fintech listed on NYSE American, has launched a mortgage tokenization platform and begun converting loan records into digital assets on the Injective blockchain, the company said in a press release Wednesday.

The company framed the initiative as an effort to move loan information that typically sits across documents and internal systems into an auditable, tamper-resistant dataset that can be used in day-to-day operations.

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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 originated mortgage files onchain, representing approximately $412 million (C$570 million) in funded mortgage volume.

Over the coming months, the fintech company said it expects to migrate its full historical portfolio of more than 29,000 funded mortgages, totaling about $10 billion (C$13.7 billion), and to add new originations on an ongoing basis.

Each tokenized record contains more than 500 data points, the firm said, which it believes could streamline workflows, support automated verification and real-time audit trails, and 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: a permissioned Mortgage Data Marketplace designed to provide compliant access to anonymized loan-level information for benchmarking and analytics, and Pineapple Prime, a planned product it said will offer onchain access to mortgage-backed yield opportunities.

The company has also launched a tokenization landing page with a real-time metrics tracker that updates as new mortgage assets are minted onchain.

Pineapple CEO Shubha Dasgupta said in the release that the move is intended to improve transparency and efficiency while enabling new products.

"Pineapple has implemented some of the most advanced security measures in the mortgage space to protect client data end-to-end," Dasgupta said in emailed comments.

"Our approach blends enterprise-grade encryption, modern identity and access controls, continuous monitoring, and secure data governance to ensure mortgage information remains protected at every stage of the lifecycle," he added.

The platform provides more than $2.2 billion (C$3 billion) annually in funding, and operates a Canadian mortgage brokerage network, offering cloud-based tools and AI-driven systems for brokers.

Read more: Canada Eyes Stablecoin Rules as Scotiabank Flags Limited Market Impact

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AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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