Coinbase Users Can Now Use Crypto as Collateral for Mortgages
Coinbase and Better Mortgage have launched a joint program allowing Coinbase One users to pledge their crypto assets as collateral for mortgages without selling them.
The initiative, which went live in mid-August, is designed to provide a new path towards homeownership for borrowers whose wealth is largely held on-chain. According to Ziggy Jonsson, Chief Technology Officer at Better Mortgage, this program aims to cater to 'a generation of borrowers whose wealth increasingly lives onchain.'
The program allows Coinbase One users to pledge their crypto assets without selling them via Better Mortgage's crypto-backed mortgage program.
Better would offer a 1% lender credit on mortgages, HELOCs, and refinances up to $10,000 to eligible Coinbase One customers. This means that users can convert their on-chain wealth into home-buying power without having to sell their holdings.