Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Cryptocurrency

United Wholesale Mortgage becomes first to adopt Bitcoin (BTC) and Ethereum (ETH) payments

Top American mortgage lender reveals plans to accept Bitcoin

United Wholesale Mortgage – the second largest mortgage lender in the USA – is aiming to become the first to adopt cryptocurrency mortgage payments.

There are plans initially to accept Bitcoin and Ethereum as valid tender for use in mortgage payment transactions.

By stepping forward as the first major player in the industry to embrace cryptocurrencies United Wholesale Mortgages (UWM) hopes to position itself as the provider of choice for the rapidly-growing group of Americans turning to cryptocurrencies as a store for their savings.

This institutional adoption of DeFi by centralised finance comes as many consumers in the West are looking to cryptocurrencies as an alternative to traditional banking systems.

UWM provided more than $183bn in mortgage loans in 2020. Adoption of Bitcoin (BTC) for payments would mark a real turning point in the cryptocurrency’s statutre as a legal tender – and indeed as a threat to the USD.

Crypto-backed mortgages

Cryptocurrency mortgages have become a hot topic of interest in recent years, this is perhaps in part due to the rise in demand from retail crypto investors with 14% of Americans now holding crypto assets, and more than 100 million crypto users worldwide.

Speaking to the press, Mat Ishbia (the CEO of United Wholesale Mortgages), said the move was aimed at putting UWM at the front of innovation in financial technologies ensuring it continuously pursued market-leading offers for customers.

“I think we’re starting with Bitcoin, but we’re looking at Ethereum and others,” he said.

“We’re going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we are always trying to be the best and the leader in everything we do.”

Meanwhile, Spanish lawmakers have begun discussing regulatory measures that they hope will bring about a suitable framework for the introduction of cryptocurrency-backed mortgages which would also see BTC operated as a legal tender.

The world’s first crypto-backed mortgage took place in 2019, when Mighty Ducks star Brock Pierce bought a former Chapel in Amsterdam.

Mogo, a Canadian payments company began offering cryptocurrency re-mortgaging rewards in a bid to attract new customers.

More crypto news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

coinrivet

Featured

NFT

Worldwide music and entertainment giant Warner Music Group (WMG) has joined forces with OpenSea to introduce dedicated landing pages for their artists. The WMG roster will...

Finance

Though the recent months haven’t been very good for the crypto industry, this could not deter some crypto investors from being bullish about this...

Altcoin

The down-trending market that took its resistance from $1.35134 on the 10th of September did not go too far before it begins to face...

Crypto News

Robinhood, a leading investment app, has rolled out its newest product — a crypto wallet that charges zero transaction fees to its users. For...