March 26 (UPI) -- Fannie Mae on Thursday agreed to begin accepting mortgages that are backed using cryptocurrency.
The mortgages will be offered by Coinbase and Better Home & Finance, which said the creation of what it calls a first-of-its-kind cryptocurrency-backed mortgage product could allow more Americans to afford homeownership.
Although there are companies already offering mortgages backed with crypto-assets, this is the first that Fannie Mae, and its federal conservator, the Federal Housing Finance Agency, has opted to back.
"Token-backed mortgages are a major first step to unlocking homeownership for the younger generations that have struggled with barriers to saving for a traditional downpayment," Max Branzburg, head of consumer and business products at Coinbase, said in a press release.
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