Pineapple Financial moves $1B of mortgages onchain
Pineapple Financial has shifted more than $1 billion in residential mortgage records onto Injective and plans to expand the rollout to over 29,000 funded loans worth more than $10 billion.
Anneli Vaniala / Wikimedia Commons (CC BY-SA 4.0)
Pineapple Financial has placed more than $1 billion in residential mortgage records on Injective, marking a significant step in its effort to move a large part of its historical loan book onto a blockchain network built for financial use cases.
The company’s plan extends well beyond the initial batch. Injective said Pineapple intends to migrate more than 29,000 funded mortgages, with a combined value of over $10 billion, into onchain records over time.
What the onchain records contain
The loans are not being turned into new mortgage securities. Instead, each mortgage is represented by a blockchain-based record linked to the underlying file, preserving the loan’s identity rather than changing its structure.
These records include more than 500 data points per loan. Pineapple is using that information to support verification, audit trails and risk analysis across the portfolio.
Pineapple’s own dashboard shows the migration has now reached 2,079 mortgage records. That is up from 1,259 when the initiative began in December 2025.
Why the move matters for markets
The project points to a broader push to use blockchains for real-world financial data rather than only for trading and token issuance. By putting mortgage files onchain, Pineapple is effectively testing whether core lending records can be maintained in a format that is easier to track and audit.
The network also has a token tied to the mortgage-record initiative, PAPL0, which tracks the onchain records. Its market value remains small, but the underlying data migration is large enough to give the project visibility in both crypto and traditional finance circles.
This article is not investment advice and recommends no asset, level or direction; a single session's move is not evidence of a trend. For background see Crypto, Altcoin, Bitcoin, and for terms the finance glossary.
Frequently asked questions
What did Pineapple Financial move onto Injective?
It moved more than $1 billion in residential mortgage records onto the blockchain.
How large is the company’s longer-term plan?
Pineapple aims to migrate more than 29,000 funded mortgages worth over $10 billion.
Are these mortgages being turned into securities?
No. Each mortgage is being represented as an onchain record linked to the original loan file, not repackaged as a new security.
Sources
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