Better Mortgage and Coinbase (NASDAQ: $COIN) have moved their token-backed conforming mortgage into general availability, taking a product that closed its first Bitcoin-backed Fannie Mae loan in June into a broader nationwide offering for Coinbase One members.
The mortgages are originated and serviced by Better and powered by Coinbase, with the first lien structured under Fannie Mae guidelines as a standard conforming home loan. The crypto-backed portion sits alongside that mortgage, allowing qualified borrowers to pledge digital assets toward the down payment without first selling their holdings.
Coinbase One members approved for a Better loan can also receive a lender-funded credit equal to 1% of the mortgage value, capped at $10,000. Better said the credit now extends beyond the token-backed product to standard mortgages, home equity lines of credit and refinances.
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Demand had already started building before the wider release. A waitlist opened in June generated more than $260 million in projected loan volume, with 76% of respondents already Coinbase One members and 60% saying they planned to buy a home within six months.
The expanded offer became available on Aug. 12, giving Coinbase a more direct path into housing finance while Better adds digital assets to a lending platform that has funded more than $110 billion in loans.
Better Mortgage Chief Technology Officer Ziggy Jonsson said the partnership is designed to meet borrowers where their wealth sits, adding that allowing Coinbase One members to pledge crypto can open a path to homeownership for people whose assets increasingly “live onchain.”
The launch builds on the companies’ first Bitcoin (CRYPTO: $BTC) backed Fannie Mae mortgage completed in June. With the product now generally available, the focus shifts from an early test case to whether crypto-backed borrowing can gain a more durable place in the conventional U.S. mortgage market.
Coinbase Global Inc. (NASDAQ: COIN) is currently trading at $180.85 U.S. per share.
