TechFlow news — XBTO, a cryptocurrency market maker, will fund its first bitcoin-backed mortgage loan. XBTO plans to finalize several million dollars in mortgages in Miami over the coming weeks, using bitcoin as the sole collateral for the loans. This marks one of the first real-world use cases in the crypto-based lending market.
Joe Haggenmiller, Head of Market Development at XBTO in Miami, Florida, said the program aims to provide financing for individuals who may not qualify for conventional loans. "We're solving problems people face—either because they're foreign nationals or unable to access traditional U.S. mortgages—and they don't want to sell their bitcoin, but still want to buy a high-end apartment," he said.
XBTO's initial product launch will be limited to mortgage loans for properties in Florida valued above $1 million. Borrowers can secure up to 90% loan-to-value on 15- or 30-year mortgages with a 10% down payment in bitcoin.
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