Goldman, BlackRock Alumni’s Birch Hill Raises $4M to Put US Loans Onchain

The signal here is pedigree and positioning rather than size: a small seed round led by Multicoin, but with founders drawn from Goldman and BlackRock targeting U.S. farm and apartment loans, a segment where tokenization has far less traction than Treasuries or private credit. The emphasis on a regulated path matters most, since the binding constraint on RWA growth has been legal and compliance infrastructure, not demand. What's worth watching is whether the team converts institutional credentials into actual loan origination partnerships, and whether farm credit specifically proves a viable onchain category or remains a niche experiment.