Yahoo Finance
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We may look back on this in a few years and say, "Remember how we thought that was a big deal back then? Now, it's everywhere." The firstcryptocurrency-backed conventional mortgagehas been issued to a couple in Michigan.
If thefuture of finance is tokenization, this will be the first of many.
Converting traditional real-world assets — such as currency, real estate, stocks, and bonds — into digital tokens on a blockchain is expected to reframe the world's financial infrastructure.
Betterand Coinbase have issued their first Fannie Mae-backed crypto mortgage to Joe and Amy of Ann Arbor, Michigan.
When Joe first considered getting a mortgage and making a down payment withbitcoin, his options seemed limited.
"The two alternatives me and my wife were looking at was either selling and paying long-term cap gains or using a margin loan type structure, which is quite stressful because the interest rate is obviously very variable.
And then there's also a margin call risk associated with that, which is obviously scary," Joe told Yahoo Finance.
Then he heard about the Better/Coinbase crypto-backed mortgage.
His wife, Amy, was "a little skeptical," Joe admits.
"I think now that we're all finished with it, it's all in a better spot.
But yeah, definitely telling her that, 'We're doing this new exotic mortgage product that's never been done before.
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