XRP, DOGE, and SHIB have been some of the cryptocurrencies that have been undeterred by the persistent crypto winter as they have continued to appear in partnerships that promote mainstream adoption. This time around, all of these cryptocurrencies are making their way into the traditional finance market with a new partnership.
Pay Your Mortgage And Loans With DOGE, SHIB, And XRP
Blockchain payment system FCF Pay took to X (formerly Twitter) to announce a new partnership that changes how investors are able to use their cryptocurrencies in the real world.
The announcement revealed that FCF Pay had partnered with HSBC, one of the largest banks in the world, to allow users to make payments using their platform.
We are delighted to announce that @HSBC users are eligible to pay their mortgage bills and loans with cryptocurrencies through FCF Pay.
Some of the accepted cryptocurrencies you can pay with:
Bitcoin, Ethereum, Binance Coin, Ripple, Doge, Shiba Inu + Many more!… pic.twitter.com/SEzcveJ5vq
— FCF PAY – Blockchain Payment System (@fcfpay) September 26, 2023
As part of the partnership, FCF Pay users will be able to make payments on their loans and mortgages held with HSBC banks using cryptocurrency. The blockchain-based payments provider offers a wide variety of cryptocurrencies that users can pay with including but not limited to Bitcoin, DOGE, XRP, and SHIB.
This means that users who hold these coins now have the option to use them to make payments in the traditional finance space. The new partnership now adds loan and mortgage payments to an already wide array of payment capabilities offered by the platform for crypto payments.
Crypto Mortgage Payments Are Not New
Although the announcement by FCF Pay is exciting, this is not the first time that crypto would be allowed for loan and mortgage payments. In the last few years, the real estate industry has warmed up to crypto with purchases and mortgages being allowed in a number of places.
One of those who announced crypto mortgages is United Wholesale Mortgage, which is billed as the second-largest mortgage lender in the United States. The Michigan-based United Wholesale Mortgage announced in 2021 that it plans to start accepting crypto payments for mortgages. Although the firm reversed its decision not too long after its initial announcement, others have followed suit.
In 2022, a Miami-based Fintech called Milo announced mortgages backed by crypto holdings. At the time, the CEO of Milo, Josip Rupena, said that the firm was doing this in an effort to keep up with the needs of its customers. Additionally, in April 2022, US mega-bank Goldman Sachs announced the introduction of Bitcoin-backed loans.
These developments suggest that cryptocurrencies are already moving beyond the realm of just being speculative assets within a relatively small bubble. It shows that cryptocurrencies, albeit volatile, can find a place in the traditional finance sector.