A Michigan couple has closed on the first conventional home mortgage backed by Fannie Mae using Bitcoin as collateral. Coinbase announced the milestone on June 4.
Coinbase said the transaction marks the first time a borrower pledged Bitcoin to secure a Fannie Mae-backed loan. The couple completed the closing recently, according to the company's statement. The mortgage structure was first announced by Coinbase and Better Home & Finance in March. It comes as U.S. regulatory agencies have adopted more cryptocurrency-friendly policies under the current administration. The deal allows homeowners to use Bitcoin holdings without selling the asset outright. Coinbase described it as a conventional mortgage product rather than a specialized crypto loan.
