The mortgage industry has been disrupted with the announcement that those seeking home loans will now be able to leverage their digital currency as collateral. The Fintech company BankSocial, which uses blockchain technology to provide a global gateway to financial services, has launched Keep Your CryptoTM. As the center of BankSocial’s crypto mortgage, home loan, and hard money loan products, the innovation aims to help more people around the world obtain housing loans while improving the security of mortgages in general.

“We turned to the blockchain because we believe that it has solutions to some of the problems found across the mortgage industry,” a spokesperson for BankSocial says. “By using it in our own mortgage products, we are improving efficiency in the loan process and lowering costs.”

The company adds that currently, it is impossible to hack or tamper with the blockchain. “We wanted to bring this security into our own products. With blockchain-based mortgages, borrowers will be able to store their documents on the blockchain securely and easily share them with other parties as needed during the transaction process. This is an exciting development that will likely transform the mortgage industry as well as others.”

Interest in digital currency itself is rising. Global crypto adoption was up 881% as of August 2021, and individuals in the United States are investing more in crypto, drawn in part to the relative ease of making trades as well as possibility of growth.

“With more people investing in cryptocurrency, including those who are under-banked or unbanked, the technology will likely become more accepted across our society,” says BankSocial. “We wanted to set the trend and make it easier for those who have cryptocurrency to obtain home loans. This led us to create Keep Your CryptoTM, which helps people borrow money for a home using their cryptocurrency as collateral.”

The company states that its platform is currently available to BankSocial customers in the United States. “We plan to make it available worldwide in 2022 and to expand into other countries,” BankSocial says. “We are working with regulators to ensure that our products will be compliant with local laws and regulations. We expect that several more registration and licensing announcements will be made soon.”

Additionally, BankSocial reveals that it has recently been granted registration with FinCEN, a bureau of the United States Department of the Treasury that combats domestic and international money laundering and other financial crimes.

“We are pleased about our FinCen registration because it will allow us to become a crypto exchange in the majority of the states in the United States,” BankSocial says.

While it is too soon to know for sure the impact that BankSocial and Keep Your CryptoTM will have on the mortgage industry, it seems likely that with the ability to use digital currency as collateral, more would-be homeowners will be encouraged to apply for mortgages.

“Our society and our way of financing homes are changing rapidly and, we believe, for the better,” says BankSocial. “With Keep Your CryptoTM, people now have a new loan option that has the potential to put house keys in their hands. At BankSocial, we are excited about what 2022 will bring both the mortgage industry as well as the people who dream of owning their own homes.”

BankSocial aims to be the evolution of a better world by providing the financial backbone for facilitating borderless transactions, payments, and transfers. For more information about BankSocial and Keep Your CryptoTM, please see the company’s website.

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