United Wholesale Mortgage’s second largest mortgage company in America, has reportedly published plans for crypto adoption.
The publication was made through CEO Mat Ishbia, who stated his plans at the company’s second-quarter results meeting.
United Wholesale Mortgage Adopts Crypto Credit
It is reported that UWM plans to adopt crypto as payment and collateral in its credit.
The news noted that UWM would adopt Bitcoin as the first step towards overall crypto adoption.
This news came after UWM CEO Mat Ishbia stated that his company has been doing well and plans to adopt crypto.
Only in the second quarter of 2021 alone has this company managed to record a profit of $138.7 Million.
This positive condition makes CEOs seem to be starting to dare to go out and explore innovations, and crypto appears to be the goal.CEO stated,
“We are excited to execute crypto adoption plans before anyone else does in the country. We will start with Bitcoin, but we are also studying Ethereum and some other cryptos.”
According to its statement, UWM will probably start adopting crypto around the end of the third quarter or the beginning of the fourth quarter of 2021.
UWM ensures that adoption will not be rushed, but the company will remain at the forefront of innovation in its field.
Crypto Expands Towards Property
Although there is no further certainty, this news has proven the potential of crypto to be used in various sectors of the economy.
With the adoption by UWM, crypto will begin to enter the realm of property very quickly, given the company’s still excellent condition.
UWM is currently the second largest property lender in America, with a loan amount of more than 500 thousand loans.
Approximately the value of the company’s loans to the retail community is more than $180 billion.
However, using crypto in the property sector has been done before, and UWM is not the first.
Previously, BitPay made it easy to sell $1.6 million worth of property in Bitcoin in 2014.
However, UWM is the first property credit company in America to adopt crypto, so it’s a significant step.
Unfortunately, UWM is not the first in the world because, in April 2021, Matrix Mortgage Global, a property loan company in Canada, preceded it.
At that time, the company announced that its lending service officially accepted Bitcoin, Ethereum, Bitcoin Cash and some Stablecoins.
These payments are made through BitPay and can be used to repay loans and make them collateral when borrowing.
For now, it seems that crypto growth in the property sector will multiply, with several state companies doing the same. Therefore, in the future, it is likely that crypto will get more prominent in the property realm, and the market will start to see new crypto projects related to property.
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