United Wholesale Mortgage – the second largest mortgage lender in the US – aims to be the first to implement cryptocurrency mortgage payments.
Initially, it is planned to accept Bitcoin and Ethereum as a valid tender for use in mortgage payment transactions.
As the first major player in the industry to adopt cryptocurrencies, United Wholesale Mortgages (UWM) hopes to position itself as the preferred provider for the fast-growing group of companies. The americans look to cryptocurrencies as a repository for their savings.
The institutional adoption of DeFi by centralized financing is happening because many consumers in the West look at cryptocurrencies as alternative to traditional banking systems.
In 2020, UWM provided over $ 183 billion in mortgage loans. The adoption of Bitcoin (BTC) for payments will be a real turning point in cryptocurrency’s charter as legal tender – and, in fact, as a threat to the US dollar.
Cryptocurrency mortgages have become a hot topic of interest in recent years, perhaps partly due to the growing demand from retail crypto investors: 14% of Americans now own cryptoassets, and more than 100 million cryptocurrency users worldwide.
Speaking to the press, Mat Ishbia (CEO of United Wholesale Mortgages) said the move was aimed at bringing UWM to the fore in financial technology innovation so that the company consistently offers customers market-leading offerings.
“I think we’re starting with Bitcoin, but we’re looking at Ethereum and others,” he said.
“We’re going to walk before the run, but at the same time we are definitely a leader in technology and innovation, and we always strive to be the best and leaders in everything we do.”
Meanwhile, Spanish legislators began discussing regulatory measures that they hope will lead to a suitable framework for the introduction of cryptocurrency-backed mortgages, which will also allow BTC to be used as legal tender.
The world’s first cryptocurrency-backed mortgage took place in 2019 when the Mighty Ducks star Brock Pierce bought a former chapel in Amsterdam.
Mogo, a Canadian payment company began offering cryptocurrency re-mortgage rewards in an attempt to attract new customers.
More news and information about cryptography
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