Earlier this week, when United Wholesale Mortgage (UWM), the second largest mortgage lender in the United States, announced plans to begin accepting cryptocurrencies as payment later this year, Bitcoin continued its march toward mainstream adoption.
UWM CEO Mat Ishbia told Detroit Free Press His company hopes to begin accepting crypto payments as early as the end of the third fiscal quarter.He also stated that the company is considering supporting other cryptocurrencies, including Ethereum, But the plan is to start with Bitcoin and then expand to other currencies.
“We will walk before running, but at the same time, we are definitely leaders in technology and innovation. We have been working hard to be the best, and everything we do is a leader,” Ishbiah told Detroit Freedom Report. “This is the plan. Obviously there is no guarantee-we are still working on some details. But absolutely.”
UWM said in a recent earnings call that it completed a record $59.2 billion in mortgage loans in the second quarter, but its revenue fell from $1.2 billion in the first quarter to $484.6 million in the second quarter, and its net income increased from US$860 million fell to US$138.7 million. Due to the overall market conditions, within the same time frame.
Will the beginning of accepting Bitcoin as a payment method have a significant impact on UWM’s bottom line? It may not be straightforward.But cryptocurrency The recent price spike Plus institutional investors, technology companies and The general public You can make this the right time to start accepting it as a payment.
UWM’s adoption of Bitcoin (and later other cryptocurrencies) may also solve the crypto chicken and egg problem. People will not feel too pressure to use cryptocurrency, because few companies accept it as a payment method, and because the demand from ordinary consumers is not large, companies will not feel pressure to adopt it.
But now the second largest mortgage lender-telegraph Pointing out that UWM only lags behind Quicken Loans in terms of the number of loans issued and the value of these loans-it is pushing Bitcoin to become a viable payment method for one of the most common types of debt in the United States. .