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In a historic first, a major US mortgage provider will allow users to collateralize mortgages with cryptocurrencies.
One of the leading mortgage-finance companies in the United States will soon begin accepting mortgages backed by cryptocurrencies. This is unprecedented and a first for the industry, marking yet another step toward mainstream financial transactions.
According to an exclusive report by the Wall Street Journal, the mortgage company Better Home & Finance, as well as the largest US-based cryptocurrency exchange, Coinbase, will announce a new mortgage product that would allow home buyers to pledge their crypto holdings when getting a mortgage backed by Fannie Mae.
At the time of this writing, it is not clear exactly which cryptocurrencies will be eligible for these products, nor how the collateral itself will be valued.
That said, the news marks a fundamental shift in how crypto is perceived in the country, potentially unlocking hundreds of billions in liquidity, as users will no longer need to sell their digital assets to finance a home.
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Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.
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