The narrative that cryptocurrencies are not used as payment methods continues to be debunked, with numerous companies enabling such transactions lately. One of the largest Canadian brokers, Matrix Mortgage Global, is the latest to introduce payments with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and some stablecoins.
Mortgage Payments with Crypto
Founded in 2008, Matrix Mortgage Global enables customers to receive financing on housing that has carried out over $1.5 billion in mortgage originations. The company has “championed alternative lending” since its inception, and its latest announcement could be regarded as another step in that direction.
Through a partnership with the US-based crypto service provider BitPay, Matrix Mortgage Global will enable all customers to pay for goods and services with some of the most popular crypto assets. Namely, those Bitcoin, Bitcoin Cash, Ripple, Ethereum, and several dollar-pegged stablecoins. However, the announcement didn’t specify which stablecoins the firm will implement.
The introduction of digital assets aims to expand the company into international markets where “accepting credit cards is not practical.” Furthermore, the addition will increase payment transparency, speed, and efficiency, while reducing high fees.
Matrix Mortgage Global’s initiative works in line with the Canada Revenue Agency’s views saying that crypto assets “can be used to pay for goods and services and shall be treated as a barter transaction.”
“As an innovator in the mortgage industry, we decided to accept cryptocurrency to better align ourselves with the shift towards the global adoption of digital currency. Blockchain technology with the use of smart contracts is going to change the way mortgages are processed.” – commented MMG Founder Shawn Allen.
Matrix Mortgage Global’s introduction of crypto payments comes amid a growing trend among other companies to do the same. Perhaps the most well-known name to do so since the start of the year is Elon Musk’s Tesla. After a massive BTC purchase, the electric vehicle giant said it will allow bitcoin payments for its cars.
The US has been at the forefront of this trend, including some of the country’s most popular sports leagues. The National Basketball Association has at least two representatives that accept crypto payments.
The Sacramento Kings do so since 2014, and the club’s chief said earlier this week that all employees could start to receive as much of their salaries as they like in BTC. On the other hand, the Dallas Mavericks went in another direction and enabled merchandise and ticket payments with the popular meme coin – Dogecoin.