UWM mortgage lender or United Wholesale Mortgage will not accept bitcoin payments anymore citing regulatory uncertainty in the industry as the main reason so let’s read more in our latest bitcoin news today.
After two months, United Wholesale Mortgage decided to stop crypto payments because of the current regulatory uncertainty in the industry. The Michigan-based wholesale lender UWM Mortgage lender, announced that the clients will pay for home loans in BTC and it is why it became the first major US mortgage lender to adopt digital asses as a payments method while later it added ETH and DOGE as options. Mat Ishbia, the President and CEO of UWM Said:
“We’re proud to be the first mortgage lender to successfully pilot this technology and further demonstrate that we’re innovating for the long term.”
According to a CNBC report, the UWM stopped its crypto offerings after only two months and Ishbia revealed that during this period, the customer demand was not really on a level desired as there was only one payment in September and five more in October that were done in crypto:
“There was not enough demand at the end of the day to really push the envelope too hard.”
The lack of regulatory framework on crypto is another reason why the company stopped accepting them as a means of payment:
“Due to the current combination of incremental costs and regulatory uncertainty in the crypto space, we’ve concluded we aren’t going to extend beyond the pilot at this time.”
The executive assured that the company will follow the developments in the crypto asset space and if crypto becomes more mainstream, the UWM could provide a payment method as they know how to do it. While most experts urged the US Financial watchdog to implement regulations on the crypto-asset industry as some opined that the situation should stay the way it is. Last month, Tesla’s CEO advised the American government not to regulate the crypto as otherwise as the authorities could hamper their development and even said that doing nothing will be the best-case scenario:
“I would say, do nothing. I would actually say, just let it fly.
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