Block Earner eyes Bitcoin-backed mortgages after beating ASIC in court
After a decisive court victory, the Coinbase-backed startup wants to expand into 'cashless' crypto home loans and credit cards. But not all experts are convinced.
After winning a two-year-long court case against the corporate regulator ASIC, Coinbase-backed crypto lender Block Earner is eyeing an audacious push into cashless mortgages backed by Bitcoin and other digital currencies.
Block Earner chief commercial officer James Coombes said the startup is working to become a one-stop-shop for prospective home owners, acting as both a broker and a lender, and that it also wants to launch crypto-backed credit cards.
"We have a large cohort of users who are crypto rich but want to enter the housing market," Coombes said. "Because we'll broke the mortgage and do all sorts of creative things for them, as a rough idea for you, if it's a million dollar home they'll need about $300,000 of Bitcoin."
"And now they've got $300,000 of Bitcoin exposure and a home."
Block Earner last week scored a decisive win over ASIC, which in 2022 sued it for offering yield-earning DeFi products without a financial services licence.
