Framework Ventures, one of Canada’s top venture capital firms, has reached an agreement to acquire approximately 10% of publicly listed mortgage lender Better.com for around $45 million. This move not only signals mainstream financial institutions’ recognition of crypto-focused VC firms, but the real highlight is Better.com’s plan to launch a new generation of tokens—Home Token—backed by $500 million in mortgage assets.
This article will take a deep dive into the RWA (Real World Asset) strategy behind this deal, market trends, and potential opportunities.
Framework’s DeFi Strategy: Why Bet Big on Better.com?
As one of the most influential venture capital firms in the crypto industry, Framework Ventures’ investment is far more than a simple financial play. According to information disclosed by both parties, Framework is not just a shareholder in Better.com, but also a strategic partner. Better.com is working closely with the Sky ecosystem (formerly a key part of the MakerDAO ecosystem), and Framework Ventures is one of Sky’s largest supporters, managing $18 billion in ecosystem capital.
This partnership creates a closed loop:
- Funding side: With Framework’s involvement, the Sky ecosystem will provide efficient on-chain liquidity for Better.com.
- Asset side: As a leading digital-first housing finance provider in the US, Better.com holds a massive pool of mortgage assets and plans to tokenize a portion of its high-quality assets.
Deep Dive into Home Token: How Does It Work?
The core product of this initiative is the Home Token, a yield-bearing token backed by a bundle of mortgage loans as underlying assets.
1. Product Mechanism
Similar to traditional securitization products, Home Token leverages blockchain’s transparency and programmability. Better.com plans to structure its mortgage loans—including government-compliant loans—and use them as collateral to issue tokens. Initially, these tokens will be available mainly to Accredited Investors, but Better.com founder Vishal Garg has made it clear that their ultimate goal is to make these tokens accessible to a broader consumer base.
2. Cost Advantage
By removing multiple layers of intermediaries such as banks, custodians, and clearinghouses, Better.com expects to cut annual financing costs by more than 100 basis points. Garg stated, "If we can finance at a lower cost than any other mortgage institution in the market, we’ll be able to offer consumers cheaper mortgages than anyone else."
3. Scale and Potential
Currently, the US government-backed compliant mortgage market exceeds $12 trillion. Better.com plans to use this capital to gradually increase its monthly loan origination volume from $500 million to over $1 billion. If the Home Token model proves successful, it could fundamentally reshape liquidity supply in housing finance.
Market Macro Context: RWA Boom and Price Analysis
The launch of Home Token is not an isolated event; it’s happening against the backdrop of a surge in RWA (Real World Asset) tokenization. Traditional financial giants like BlackRock and Fidelity have already begun experimenting with tokenized Treasury funds. Data shows that in 2025, tokenized US Treasury funds grew by 80%, reaching $740 million. McKinsey estimates that by 2030, the tokenization market could hit $2 trillion.
Benchmark Performance in Digital Asset Markets
To better understand current market risk appetite and capital flows, it’s important to look at the status of core digital assets. As a macro barometer for the RWA sector, the price fluctuations of mainstream crypto assets reflect overall market liquidity conditions.
According to Gate market data as of February 24, 2026:
- Bitcoin (BTC): Today’s price is $63,583, 24-hour trading volume is $1.12B, market cap is $1.31T, and market dominance is 55.37%. Bitcoin price changed -2.04% in the past 24 hours.
- Ethereum (ETH): Today’s price is $1,829.38, 24-hour trading volume is $434.81M, market cap is $231.09B, and market dominance is 9.70%. Ethereum price changed -1.95% in the past 24 hours.
Although the market is currently experiencing a short-term correction and consolidation, the strategic moves by large institutions to bring assets on-chain often signal the construction of long-term capital inflows. Better.com currently has a market cap of about $450 million, which is a significant drop from its planned IPO valuation of $7.7 billion in 2021. However, leveraging Framework’s crypto expertise for transformation may mark the beginning of a value re-rating.
Challenges and Future Outlook
Despite its promising prospects, Home Token faces dual challenges in regulation and real-world implementation.
- Regulatory compliance: Defining the security attributes of Home Token and figuring out how to make it accessible to retail users within a compliant framework are issues Better.com must address.
- Market acceptance: While institutions show strong interest in RWAs, ordinary users still need time to understand tokens backed by mortgages.
However, with top-tier VCs like Framework entering the space and foundational support from the Sky ecosystem, Better.com is building a new bridge from traditional mortgages to on-chain yields. For Gate users, closely following the progress of Home Token could help identify the next high-quality asset in the RWA sector.
