The company, which employs blockchain technology for home loans and offers loans supported by cryptocurrency, announced on Monday August 4 that it had tabled confidentially for a first public offer (IPO) with the Securities and Exchange Commission (SEC).
“The number of shares to be offered and the price range for the proposed offer has not yet been determined. The offer is subject to market conditions and other conditions, as well as the completion of the dry examination process,” the company said in a press release.
Bloomberg News had reported in 2023 that the company was preparing for an IPO after its loan division had recorded a record of $ 900 million in quarterly volume.
The new Introduction Plans in the company of the company occur in the middle of a rebound in digital asset loans, as Pymnts reported last month.
A report of July 26 on the subject by the Financial Times (FT) underlines the example of the Divine Research Research of San Francisco, which had granted around 30,000 short -term loans not supported since December, teaming up with the world of Iris’ Balayage Society of Openai d’Openai to identify the borrowers.
“We lend to average people such as high school teachers, fruit sellers … fundamentally, anyone with internet access can have access to our funds,” said the founder of Divine, Diego Estevez, in an interview with the FT. “This is microfinance on steroids.”
This report added that Divine offers loans of less than $ 1,000 from Circle’s Stablecoin USDC to short of money, most of whom are badly served by “traditional institutions”, as the company says.
Writing on the crypto loan space at the start of the summer, Pymnts underlined an April report from the Galaxy Data Infrastructure Infrastructure and Assets, which estimated that the cryptographic loans market, including cryptographic collateral debt, had reached $ 36.5 billion by the end of last year.
“It is considerably decreasing compared to a summit of more than $ 64.4 billion in 2021, because several lenders had been skyrocketed,” wrote Pymnts. “But in the current environment, where the track is built via legislation and regulatory setbacks to bring cryptos more fully in banking services, loan activity is ready to accelerate.”
The office of the currency controller (OCC) in March published a letter which revoked the previous guidelines on the crypto and paved the way for banks and lenders to allow digital assets to be part of the guaranteed loan activity.
