US Mortgage Giant To Accept Bitcoin This Year, Considers Other Cryptocurrencies
Second-largest United States mortgage lender UWM Holdings Corp's (NYSE: UWMC) United Wholesale Mortgage plans to start accepting cryptocurrency payments this year, starting with Bitcoin (CRYPTO: BTC).
What Happened: During a recent interview with the Detroit Free Press, United Wholesale Mortgage CEO Mat Ishbia said that the firm expects to accept cryptocurrencies soon.
He said that "hopefully (this year) we can actually execute on that before anyone in the country."
Isbia added that they are "starting with Bitcoin" but they are also "looking at Ethereum and others.”
He explained, "We’re going to walk before we run."
Still, he said that "there’s no guarantees" that any of this actually happens since the company is "working through some details."
Ishbia was commenting on the firm's financial results - $138.7 million in net profits in this year's second quarter.
The firm is the second-biggest mortgage lender in the United States.
It originated 560,798 loans worth almost $183 billion in 2020, where market leader Quicken Loans originated $1.1 million loans worth $314 billion.
While this may very well be the first time that a mortgage firm announces crypto support in the United States, a Toronto-based Matrix Mortgage Global started accepting Bitcoin, Bitcoin Cash (CRYPTO: BCH), XRP (CRYPTO: XRP), and Ethereum (CRYPTO: ETH) back in April.
All of this is a sign of crypto adoption, which is growing at a breakneck pace.
According to a recent report, "global cryptocurrency adoption is skyrocketing," having "grown by over 880% in the last year."
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