The UK-based software known as Acre, was able to raise around six and a half million dollars ($6.5 m) for applying blockchain technology to the application process for insurance and mortgage for advisers.
According to the press release published on the 4th of April, almost seventy-five percent of the mortgages in the United Kingdom are promoted through advisers.
This report states that Acre makes use of blockchain for storing data regarding well-established mortgage advice.
A financial advising firm in the UK, by the name Sesame Bankhall Group, that is said to possess over eleven thousand advisers all over the country is reported to have made this huge contribution. It is estimated by Owler that the per annum revenue generated by the advisers is around four and a half million dollars.
Additionally, the press release claims that Semsame Bankhall Group signed a deal with the Acre startup, but details of this deal were not revealed.
As reported by media in October 2018, mortgages are seen as a tool for decentralization and development by making use of blockchain technology. PWC, the Big Four firm for financial services and auditing made claims that the blockchain technology has the ability to reduce the rates and difficulty in the application process, generating reliable and incorruptible records of the transactions, facilitating almost instant agreements.
It was reported last month, that the Swiss mortgage bank, Hypothekarbank Lenzburg formed an alliance with the Swiss cryptocurrency manager by the name TokenSuisse, in an effort to expand the services that the bank offers in blockchain and crypto firms.