Bitcoin-backed mortgages debut in Australia amid housing crisis
Australia’s Block Earner has launched a Bitcoin-backed mortgage as a new path into the property market, following a regulatory win that cleared the way for crypto-backed lending.
As home prices in Australia continue to outpace incomes, a company is rolling out a Bitcoin-backed mortgage, offering crypto holders a new way to access the property market without selling their assets.
On Wednesday, Block Earner launched the country’s first Bitcoin-backed home loan after fighting with regulators in court for over two years. The product was made possible by an April Federal Court ruling that found that Block Earner’s crypto lending products did not qualify as “financial products” under the Corporations Act.
The decision cleared the company from needing a financial services license in order to offer Bitcoin as collateral in home loans.