A Michigan couple has closed what Coinbase (NASDAQ: $COIN) and Better described as the first Fannie Mae-backed home loan using Bitcoin as collateral, turning a crypto-mortgage product announced earlier this year into a completed transaction.
The transaction gives Coinbase a new real-world use case for digital ***** ets at a moment when crypto firms are trying to push beyond trading and payments. Working with Better, the exchange said borrowers can pledge Bitcoin against a down payment instead of selling the ***** et, preserving exposure while avoiding an immediate taxable sale.
The product, first announced in March, is expected to become available to qualified borrowers nationwide this summer. It initially supports Bitcoin and Circle’s USDC (CRYPTO: $USDC), with Better originating and servicing the mortgage and Coinbase providing the crypto account infrastructure.
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The transaction gives Coinbase a new real-world use case for digital ***** ets at a moment when crypto firms are trying to push beyond trading and payments. Working with Better, the exchange said borrowers can pledge Bitcoin against a down payment instead of selling the ***** et, preserving exposure while avoiding an immediate taxable sale.
The product, first announced in March, is expected to become available to qualified borrowers nationwide this summer. It initially supports Bitcoin and Circle’s USDC (CRYPTO: $USDC), with Better originating and servicing the mortgage and Coinbase providing the crypto account infrastructure.
More From Cryptoprowl:
Ripple, The Company Behind XRP, Is Valued At $50 Billion
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