The best thing that cryptocurrencies have going for them is not their safety and neither is it the market that allows it to continue to reach new heights. Rather, it is its versatility that has allowed it to dominate the financial market as a whole. When people started to see the worth of cryptocurrencies as more than just an asset class, they started to become more and more creative.
Some companies started to embrace cryptocurrencies as a whole, with most of them using it to accept payments. And even though AMC became the first cinema in history to accept cryptocurrencies, UMW became the first mortgage lender to receive payments in cryptocurrencies. The first payment that they received was in September, and it was a big deal for most homeowners looking to make use of their crypto riches as a whole.
UMW continued to evaluate different cryptocurrency payments throughout the previous month and well into the next month. And when they considered everything, they were able to accept five more payments at the start of this month. Granted, this is a pretty big step for a company that usually takes fiat currency and nothing else. Not to mention the fact that it is also a very risky move that could cause some serious damage to the company as a whole.
And despite them being the first company to accept cryptocurrencies in the form of a mortgage payment, they are not looking to jump to a crypto-exclusive agreement just yet. They still believe cryptocurrencies are a very dangerous market to step foot in. With China going into overdrive with its ban on cryptocurrencies and the US still not sure whether to regulate crypto or ban it entirely, saying that the market is on shaky ground would be an understatement.
The CEO of the company even spoke up about the company’s plans in the future and whether it will be making its way into cryptocurrencies at all. He said that UMW released the pilot to help prepare them for the future. It was a testing ground to see how they could work when accepting cryptocurrencies as payments.
However, he also made it very clear that the costs and the uncertain future of regulations in the crypto market is not necessarily grounds for assurance. But despite not looking to permanently accept cryptocurrencies as a whole, the company did test out if crypto transactions were really worth their salt. They tested out to see if cryptocurrencies were faster, safer, and cheaper than other alternatives. And with the help of their team, they found that the answer to all of those answers was a resounding yes. So maybe there is hope after all for UMW to become the first mortgage lender to deal exclusively in crypto.