Coinbase Launches Token-Backed Mortgage Down Payments This Summer

Coinbase has announced plans to launch a mortgage down payment program this summer, marking a major breakthrough in the integration of cryptocurrencies into traditional finance.

The program, in partnership with Better Home & Finance, will enable qualified borrowers to use digital assets as collateral for loans. Specifically, Bitcoin and USDC will be accepted as collateral for mortgages on Fannie Mae-backed apartments.

According to Vishal Garg, founder and CEO of Better, the initiative aims to address a long-standing issue in the housing market: buyers who qualify for mortgage applications but struggle with down payments due to their wealth being tied up in non-traditional assets.