This gives the lender an advantage in international markets where credit cards are often not practical
Matrix Mortgage Global announced earlier this week that it will begin accepting cryptocurrency as payment.
The alternative lender said that its goods and services can be fulfilled with Bitcoin, Bitcoin Cash, XRP, and ETH, along with several dollar-pegged stable coins. This includes Mortgage Agent Registration cost using BitPay.
Matrix said that this step positions the company comfortably into international markets where credit cards are often not welcome.
“Matrix Mortgage Global benefits by adding cryptocurrency to its payment options while reducing high fees increasing payment transparency and efficiency,” the lender said. “This is in line with the Canada Revenue Agency’s view that digital currencies, including cryptocurrencies can be used to pay for goods and services and shall be treated as a barter transaction.”
This unprecedented transparency is achieved through blockchain technology, which records, verifies, and stores every transaction in distributed ledgers.
“As an innovator in the mortgage industry, we decided to accept cryptocurrency to better align ourselves with the shift towards the global adoption of digital currency,” said Shawn Allen, founder and CEO of Matrix. “Blockchain technology with the use of Smart Contracts is going to change the way mortgages are processed. Decentralized Finance ‘DeFi’ removes intermediaries making it possible for transacting parties to interact peer to peer.”