United Wholesale Mortgage ditches plan to accept Bitcoin payments

United Wholesale Mortgage ditches plan to accept Bitcoin payments
фото показано с : invezz.com

2021-10-15 13:43

A major US mortgage lender, United Wholesale Mortgage, came up with a plan to start accepting Bitcoin payments earlier this year, in August. It was the first company of this kind to announce opening its doors to crypto. However, its CEO, Mat Ishbia, now announced that the company has decided not to go through with the plan.

According to Ishbia, the company conducted its tests, and it decided that it is not worth it. There is too much regulatory uncertainty in the crypto space, which, in combination with incremental costs, make the entire initiative more trouble than it is worth. Ishbia said that the firm will not go beyond the pilot at this time, leaving the option of a later introduction of crypto payments open.

The company apparently tried out three different cryptocurrencies — Bitcoin (BTC/USD), Ethereum (ETH/USD), and Dogecoin (DOGE/USD). They also tested the system with multiple different borrowers in order to check the functionality of the process.

The pilot worked, but there was no demand

The company successfully accepted its first crypto mortgage payment in September, followed by five more in October, thus far. However, they noticed that there was no demand for this kind of payment method. Borrowers did like it, according to Ishbia, and many thought it was cool. However, the option to make payments in crypto “wasn’t a driver.”

While unfortunate, the decision is quite understandable, given the circumstances, and it shows that many in the industry still treat cryptocurrencies as an investment instead of a replacement for money. Especially now, with the growing prices, everyone seems to be more interested in HODLing rather than spending coins.

On the positive side, US officials, including the Treasury Secretary Janet Yellen as well as the SEC chair Gary Gensler, said that there are no plans to impose restrictions regarding crypto trading or payments.

The post United Wholesale Mortgage ditches plan to accept Bitcoin payments appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Plancoin (PLAN) на Currencies.ru

$ 0.0015893 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -3.82 %
Cегодня L: $0.0015893 - H: $0.0015893
Капитализация $42.871k Rank 99999
Доступно / Всего 26.975m PLAN / 35m PLAN

mortgage bitcoin payments united plan wholesale company

Источник: invezz.com

mortgage bitcoin → Результатов: 46


Фото:

$1 Trillion in Housing Bonds: US Real Estate Crisis Held Back by Fed’s Mortgage Purchases

The U.S. real estate market is facing a conundrum, as there’s now a tidal wave of renters who can’t pay rent and a massive number of mortgage defaults stacking up like never before. Amid the looming real estate chaos, the Centers for Disease Control and Prevention (CDC) enacted public health emergency powers to stop landlords […] The post $1 Trillion in Housing Bonds: US Real Estate Crisis Held Back by Fed’s Mortgage Purchases appeared first on Bitcoin News.

2020-9-3 01:30


Is The ‘King Of The Geeks’ The Creator Of Bitcoin? The Argument About Linus Torvalds

Is The ‘King Of The Geeks' The Creator Of Bitcoin? The Argument About Linus Torvalds A dramatic over extension in the volume of lending, the integration of sub-prime mortgages and other toxic assets into Mortgage Backed Securities (MBS') were not components that came up as a surprise during the recession of 2008. On May 3rd, […]

2019-7-29 21:51


Фото:

The Next Big Financial Meltdown Is Around the Corner, Many Voices Warn

“The economy is looking great,” how many times have they told you that? And why do you usually hear it when you are late on a mortgage payment or during a downsizing purge at your company? Relying on your senses is always a safer bet than trusting the wishful thinking of those who invested political […] The post The Next Big Financial Meltdown Is Around the Corner, Many Voices Warn appeared first on Bitcoin News.

2019-7-25 19:00


The Best Way to Know Bitcoin is a Conservative Investment

Before looking at the best way to know bitcoin is a conservative investment (a very impressive 10 year bitcoin trend that has many investors pouring money into bitcoin)… Here’s the best way to know bitcoin is not a conservative investment, but a terrible get rich quick scheme, “probably rat poison squared” even, as Warren Buffet calls bitcoin: Best Way to Know Bitcoin Is Rat Poison Squared You see bitcoin or another cryptocurrency’s ATH (All Time High) prices going higher and higher, and you think now’s not a bad time for a second mortgage on your house.

2019-3-6 06:04


Фото:

Lenders May Deny Your Mortgage Application if You Sold Bitcoin in the Past

Over the past year, cryptocurrencies like bitcoin have gained in value and some people have ‘cashed out’ their digital assets in order to purchase cars or a new home. However, some people who have sold cryptocurrencies in the past may have a hard time getting a home loan even though they have the funds to […] The post Lenders May Deny Your Mortgage Application if You Sold Bitcoin in the Past appeared first on Bitcoin News.

2018-7-10 03:05


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto market cap surpasses the $2.5t mark following CPI data

The global cryptocurrency market capitalization has recorded an impressive momentum after the U.S. Consumer Price Index (CPI) report was released. Notably, the US CPI for April increased by 3.4% over the past year, crypto.news reported. In March, the CPI reached…

ABT token surges 26% to hit new all-time high

ArcBlock’s native token, ABT, has seen a significant surge in its market value, with a 26% rise over the last 24 hours, pushing the token to a new all-time high of $3.92. The latest surge in trading volume, which reached $31.8…

Q1 CoinShares most successful quarter in history with revenue up 216%

European crypto asset manager CoinShares has revealed that its revenue in Q1 increased by 216% since last year, with total comprehensive income increased by elevenfold. CoinShares, a European digital asset manager and crypto research firm, saw its “strongest quarter ever”…

Chinese authorities arrest six suspects in $300m crypto fraud case

Authorities in China have arrested six individuals suspected of engaging in illicit cryptocurrency transactions amounting to 2.94 billion yuan — worth roughly $300 million. According to a May 10 report by local media outlet Chinanews, the suspects were taken into…

Celsius (CEL) rallies 360% following massive token burn

The native token of the now-defunct Celsius Network, CEL, has recorded an impressive price surge following its massive token burn. On-chain data shows that Celsius burned over 94% of its total supply on April 30 — plunging from 695.65 million…