United Wholesale Mortgage, an American loan specialist, is expected to be the first major player to accept Bitcoin payments in 2021. Ethereum and altcoins are also under consideration.
For cryptocurrency loans, customers still have to turn to specialized players, such as DeFi. The boundaries are weakening between crypto finance and traditional finance, however.
This sector is increasingly interested in crypto-assets. In the world of bank loans, United Wholesale Mortgage is preparing to take the plunge. The 2e market player in the United States ($ 183 billion in loans in 2020) plans to accept Bitcoin this year.
Bitcoin first, then Ethereum and altcoins
The announcement was made by United Wholesale Mortgage CEO Mat Ishbia on the occasion of the company’s financial results presentation. Cryptocurrency is even a competitive advantage for society.
“We are happy to hope that (this year) we can implement this program before everyone else in the country,” the leader said from quotes reported by Detroit Free Press.
The first step for UWM will be to accept Bitcoin as a payment method. BTC is not the only cryptocurrency on the table on the table, however. The giant is also studying Ethereum and other altcoins.
“I think we’re starting with Bitcoin, but we’re looking at Ethereum and others. We are going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we always try to be the best and the leaders in everything we do ”, reacts Mat Ishbia.
The growing threat from crypto players
For United Wholesale Mortgage and its competitors, the shift to cryptocurrency is increasingly necessary. Indeed, players already active in crypto are gradually invading the loan market.
Faced with this new competition, traditional companies must react or be supplanted. Decrypt recalls in particular that the Canadian Mogo, specialist in digital payments, now offers mortgages.
To seize in turn the cryptocurrency, it is thus the strategy followed by UWM. In Japan, banking giant SBI markets cryptocurrency loans to individuals. However, these are small amounts.
–
