Coinbase and Better Mortgage Open Token-Backed Loans to Coinbase One Members

Coinbase and Better Mortgage announced that their token‑backed conforming mortgage is now generally available to members of Coinbase One. The product lets eligible borrowers use crypto assets as collateral instead of selling them to fund a home purchase.

Launch Details

The expanded offering went live on August 12. Coinbase One members who qualify for Better’s home‑financing products receive a lender credit equal to 1% of the mortgage amount, capped at $10,000. The credit applies to standard mortgages, home‑equity lines of credit and refinances, and is reflected on the borrower’s closing disclosure as a reduction in closing costs.

Background and Demand

The token‑backed mortgage was first introduced in March as a standard conforming loan that meets Fannie Mae guidelines. A waitlist opened in June, with 76% of respondents already subscribed to Coinbase One and 60% indicating plans to buy a home within six months. The waitlist represented over $260 million in projected loan volume before the product’s general availability.

Collateral Options

Initially, the product supported Bitcoin and USDC as collateral for the down payment. Better Mortgage has funded more than $110 billion in loans overall, and 41% of its pre‑approved customers qualify based on income and credit but lack sufficient cash for a traditional down payment.

Industry Perspective

Better Mortgage’s chief technology officer highlighted that allowing borrowers to pledge crypto without liquidating holdings creates a new path to homeownership for a generation whose wealth is increasingly on‑chain.