Better Opens Crypto-Backed Mortgages to Coinbase One Members

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.

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.