First crypto-backed conventional mortgage issued
A couple in Michigan has secured the first cryptocurrency-backed conventional mortgage.
The mortgage is backed by Fannie Mae and was issued through a partnership between Better and Coinbase.
The couple, Joe and Amy, opted for the crypto-backed mortgage to avoid selling their bitcoin and paying long-term capital gains tax.
This new type of mortgage product may mark the beginning of a shift in the financial infrastructure, with traditional assets being converted into digital tokens on a blockchain.