United Wholesale Mortgage, UWM, the second-largest mortgage lender firm in the USA has given up on the idea of Bitcoin payment after testing. The firm had earlier announced the testing plan for Bitcoin and Ether in August this year.
They have officially announced this week that the company successfully conducted the pilot project for the crypto mortgage. A total of six crypto payments were made, once in September and the rest in October.
The firm has refused to give further minute details on the test. Neither did it specify which cryptocurrencies were selected for the pilot. Nor any hints were given about the companies who assisted in this test.
However, the CEO of UWM, Mat Ishbia stated that they felt pride in being the first lender to accomplish the pilot of this innovative technology. Despite the success, the firm has withheld itself from further proceedings due to regulation issues.
According to them the uncertainty in crypto regulation and incremental costs together are creating issues. Hence, they chose to stay away from it for a while.
The pilot was a great learning experience for UWM. They got to know how crypto transactions work and what can be done in the future. In fact, they would continue to monitor crypto activities and blockchain development. This would help them to identify the potential application in the future.
UWM, the second-largest lender in the USA had planned to test and experiment with cryptocurrencies and payments in the month of August earlier this year. Specifically, understanding how Bitcoin and Ether worked. The plan came into existence along with the Q2 financial outcomes by UWM. The firm reported a net profit of $140 million. So far, UWM has not announced the Q3 results yet.
