Mortgage company Better Home & Finance and U.S. cryptocurrency exchange Coinbase Global (NASDAQ:COIN) on Thursday announced a new mortgage product that allows homebuyers to pledge their cryptocurrency assets when taking out a Fannie-backed mortgage instead of selling cryptocurrency for a cash down payment, investing.com wrote.
While this isn’t the first cryptocurrency mortgage offering, Fannie’s involvement could make such products more common. Fannie is backed by the federal government and overseen by the Federal Housing Finance Agency.
The Trump administration has been generally supportive of the cryptocurrency industry. In June, FHFA Director Bill Pulte, citing this support, directed Fannie and its subsidiary Freddie Mac to prepare to count cryptocurrency as an asset when applying for mortgages.
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