Better and Coinbase Launch Token-Backed Down Payments; Layoffs at Summit Funding

As part of a new partnership with Coinbase, Better Home & Finance will now allow customers to use cryptocurrencies as collateral for conforming mortgage down payments.

The company announced the initiative in a press release on Thursday, stating that Americans who qualify for a mortgage through Better can now utilize Bitcoin or USD Coin as backing for their down payment through a private loan.

This move is seen as a significant step towards greater adoption of digital assets in the financial sector, particularly in the mortgage industry.

However, not all news from the industry was positive. Summit Funding, which recently announced a merger agreement with CrossCountry Mortgage, revealed it would permanently eliminate 163 positions across the company due to the merger.