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The second-largest mortgage lender in the country – United Wholesale Mortgage – is reversing course on its plans to accept cryptocurrency
Despite being the "first mortgage lender to successfully pilot this technology" over the past two months, UWM doesn't plan on continuing to offer cryptocurrency as a payment option due to its rising cost and volatility.
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|UWMC||UWM HLDGS CORP||7.13||+0.33||+4.78%|
"Due to the current combination of incremental costs and regulatory uncertainty in the Crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time," CEO Mat Ishbia said in a statement Thursday.
As recent as August, Ishbia had discussed his plans to accept Bitcoin and other cryptocurrenices as payment as soon as the third quarter during an interview with Stuart Varney on "Varney & Co".
SECOND LARGEST US MORTGAGE LENDER ACCEPTING BITCOIN: 'WE’RE JUST GIVING OPTIONS'
At the time, Ishbia said UWM was not only going to accept Bitcoin, but was also looking into possibly accepting Ethereum and other cryptocurrencies as well.