- Coinbase and partner Better Home & Finance unveiled their first crypto-backed mortgage for a home purchase in mid-June.
- The company digitally altered a photo of the customer’s house for privacy but critics still claimed the location was identifiable.
- Coinbase stated it received the homeowner’s express permission to use the altered image after removing key identifiers.
- The mortgage program counts pledged Bitcoin at roughly 40% of its value and resulted from a 2025 FHFA directive.
- Despite Coinbase’s anonymization steps, Protos confirmed it was able to determine the house’s address.
On June 16, Coinbase revealed 21 new products, including the first Bitcoin-backed mortgage, during a public event. However, controversy arose when the company shared a photo of the financed home, leading to claims of doxxing a customer. The program, a joint effort with lender Better, was formally announced in March.
Consequently, a critic on social media claimed to have found the property’s Zillow listing. In response, a Coinbase spokesperson told Protos, “We received a picture of the house, taken by the homeowner, and took steps to anonymize the house by removing and changing key identifiers and features.” They added that the company received “their express permission to use the altered image.”
Despite these measures, Protos staff confirmed it was able to determine the address of the house. This potential privacy lapse is significant given Bitcoin owners’ appeal to thieves. The mortgage product became viable after a 2025 directive from then-FHFA Director Bill Pulte ordered GSEs to consider crypto assets.
Meanwhile, under the program’s terms, pledged BTC receives credit for roughly 40% of its value. This represents a substantial 60% haircut on the asset’s market price. The program only triggers liquidation after a borrower becomes 60 days delinquent on payments.
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