Coinbase reports thousands of applications for Bitcoin mortgage product

Coinbase Asset Management President Anthony Bassili reported that the company’s Bitcoin mortgage down payment product has received thousands of applications. Since August, lenders backed by Fannie Mae have begun accepting Bitcoin for mortgage down payments through platforms such as Coinbase and Better Home & Finance.

At the Bitcoin Treasuries Conference in New York, Cardone Capital founder Grant Cardone stated that he intentionally avoids mentioning Bitcoin when discussing financing with Fannie Mae-backed partners, describing the topic as “just too much.” Cardone, who is currently working on $600 million in deals involving approximately $350 million in debt, predicted that lenders will eventually regret not financing against cryptocurrency as its value increases.

Better Home & Finance requires pledged Bitcoin to be valued at 250% of the down payment loan amount. The company noted that 41% of its pre-approved customers qualify based on income and credit but lack the necessary cash for a traditional down payment.