• Tue. Sep 28th, 2021

Escrow Company Issues First Bitcoin-Backed Real Estate Loan

Glen Oaks Escrow, one of the largest independent escrow companies in California, has facilitated its first refinancing through a Bitcoin-backed loan.

In a press release issued today, the company said this marks the first time a refinancing has been completed with a buyer using Bitcoin as collateral.

Glen Oaks began accepting Bitcoin payments in 2018, and sees the news as proof the cryptocurrency’s value proposition is becoming clearer to debtors and creditors.

Glen Oaks Chief Operating Officer Joe Curtis commented, “Seeing someone other than the home buyer use Bitcoin in a real estate transaction tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry.”