Escrow Company Issues First Bitcoin-Backed Real Estate Loan

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Glen Oaks Escrow, one of the largest independent escrow companies in California, facilitated its first refinancing with a Bitcoin-backed loan.

In a press release released today, the company said this is the first time a refinancing has been completed with a buyer using bitcoin as collateral.

Glen Oaks began accepting Bitcoin payments in 2018 and sees the news as proof that cryptocurrency’s value proposition is becoming clearer to debtors and creditors.

Glen Oaks Chief Operating Officer Joe Curtis commented“The fact that someone other than a home buyer is using bitcoin in a real estate transaction tells us that the technology can continue to become more visible, even if it is still considered new to our industry.”

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