The launch of a new suite of crypto, home loan, and hard money loan products is drawing attention in the mortgage industry. With Keep Your Crypto™, the Fintech company BankSocial is using blockchain technology to provide a global gateway to financial services, including mortgages. Through its innovation, BankSocial expects that the mortgage process will be made more secure and that more people worldwide will pursue homeownership.
At the center of Keep Your Crypto™ is the blockchain, whose potential for improving services in multiple industries continues to be researched. Leaders of businesses are exploring the blockchain’s ability to reduce costs as well as improve efficiency and security. Currently, the blockchain is unable to be hacked or tampered with.
“The security of the blockchain is an important innovation that BankSocial has brought into its products,” the company says. “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 Crypto™, 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.
With the ability to finance a home using cryptocurrency as collateral, will more people seek mortgages? While BankSocial concedes that the use of the blockchain in this way is still in its infancy, it believes that all signs point to success. “Consumers, lenders, and real estate professionals have known for many years that more financing options are needed for people who want to obtain housing loans,” BankSocial says. “Our innovation of technology that will likely become an integral part of society can only result in more homeowners, an exciting development we can all celebrate.”
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 Crypto™, please see the company’s website.