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

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.

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.

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