Pineapple Financial, a Canadian fintech company publicly listed on the NYSE American, has introduced what is being described as one of the most ambitious efforts in the tokenization of real-world assets within the mortgage sector. The company, which supports the financing of more than 3 billion Canadian dollars annually, has initiated the on-chain transition of its mortgage portfolio valued at 13.7 billion Canadian dollars. This move is being positioned as a significant advancement in connecting traditional financial services with blockchain technology.
The initiative marks one of the earliest examples of a publicly traded mortgage company tokenizing its loan portfolio using a public blockchain and embedding this digitized structure into daily operations. Mortgage data, which traditionally existed in paper form, PDF files, email exchanges, and back-office databases, is now being transformed into secure, programmable digital assets on the Injective blockchain. Pineapple’s transition aims to eliminate legacy inefficiencies and modernize the way mortgage information is stored, accessed, and managed.
To date, the company has tokenized more than 570 million Canadian dollars’ worth of real mortgages, representing roughly 1,200 originated loans. Pineapple aims to migrate its entire historical database of more than 29,000 mortgages in the coming months. New originations are expected to join this growing digital pool as part of an ongoing process. Each tokenized loan will contain over 500 data fields, creating a unified digital record that is verifiable and tamper-resistant. This data-rich structure is designed to streamline operations, strengthen risk modeling, and support the creation of new financial products that rely on precise and transparent mortgage data.
Pineapple CEO Shubha Dasgupta explained that moving its loan portfolio to blockchain infrastructure helps increase transparency and operational efficiency while setting the foundation for novel financial offerings. He suggested that the initiative could eventually enable products such as data marketplaces and mortgage-backed yield platforms, adding that the company intends to be at the forefront of this shift in real estate finance.
Injective’s selection as the underlying blockchain highlights Pineapple’s commitment to adopting advanced infrastructure solutions. Cooper Emmons, Institutional Markets Advisor at Injective, remarked that Pineapple’s tokenization project may represent one of the most extensive real-world asset implementations carried out by a public company. He added that the company’s work demonstrates a new industry benchmark by bringing large-scale mortgage data onto blockchain rails.
The Pineapple tokenization platform is designed to resolve long-standing challenges within the mortgage industry, particularly fragmented data systems, manual auditing requirements, and outdated document tracking processes. With structured digitization occurring at the individual loan level, Pineapple can now offer automated verification services, real-time audit capabilities, and consistent data-sharing frameworks that align with institutional compliance obligations.
Building on this foundation, Pineapple is developing two new commercial products. The first provides authorized, compliant access to anonymized loan-level data, enabling institutions to enhance benchmarking, risk assessment, and market analytics using standardized and verifiable information. The second, Pineapple Prime, is a platform designed to offer on-chain exposure to yield opportunities supported by mortgage assets. This expansion is expected to draw interest from investors seeking stable, real-asset-backed returns.
The company has also introduced a dedicated tokenization webpage featuring a real-time tracker that displays the number of digitized mortgage assets. This feature offers industry participants and investors an unprecedented level of transparency regarding the on-chain migration process.
Pineapple Financial is recognized as one of Canada’s fastest-growing mortgage platforms, supported by a nationwide network of brokers and the use of cloud-based and AI-driven systems intended to make homeownership more accessible. The company also remains active in community-focused initiatives across the country.
While Pineapple acknowledges that its forward-looking plans are subject to regulatory developments, market conditions, and customer adoption, it maintains that integrating real estate finance with blockchain infrastructure represents a transformational step toward transparency, efficiency, and broader accessibility. Its tokenization effort signals the beginning of a new era for mortgage markets in Canada and beyond, characterized by structured digital data, automation, and innovative financial opportunities.
