BURNABY, BC / ACCESSWIRE / March 30, 2022 / BankSocial, the Fintech company that uses blockchain technology to provide a global gateway to financial services, has announced the launch of its new crypto mortgage, home loan, and hard money loan products. At the center of Banksocial's new suite of services is Keep Your Crypto™, which the company expects will open up access to homeownership for people around the world and increase the security of the mortgage process.
The development comes as more businesses explore the potential use of the blockchain in their own industries. While the technology continues to be innovated and its use will almost certainly evolve over the months to come, experts point to the efficiency and cost-effectiveness of the blockchain. Also of note is its current inability to be hacked or tampered with.
"The security of the blockchain is an important innovation that BankSocial has brought into its products," the company says. "With blockchain-based mortgages, borrowers will be able to store their documents on the blockchain securely and easily share them with other parties as needed during the transaction process. This is an exciting development that will likely transform the mortgage industry as well as others."
Interest in digital currency itself is rising. Global crypto adoption was up 881% as of August 2021, and individuals in the United States are investing more in crypto, drawn in part to the relative ease of making trades as well as possibility of growth.
"With more people investing in cryptocurrency, including those who are under-banked or unbanked, the technology will likely become more accepted across our society," says BankSocial. "We wanted to set the trend and make it easier for those who have cryptocurrency to obtain home loans. This led us to create Keep Your Crypto™, which helps people borrow money for a home using their cryptocurrency as collateral."
The company states that its platform is currently available to BankSocial customers in the United States. "We plan to make it available worldwide in 2022 and to expand into other countries," BankSocial says. "We are working with regulators to ensure that our products will be compliant with local laws and regulations. We expect that several more registration and licensing announcements will be made soon."
Additionally, BankSocial reveals that it has recently been granted registration with FinCEN, a bureau of the United States Department of the Treasury that combats domestic and international money laundering and other financial crimes.
"We are pleased about our FinCen registration because it will allow us to become a crypto exchange in the majority of the states in the United States," BankSocial says.
The company believes that 2022 will continue to bring significant developments for would-be homeowners. "With the ability to finance a home using cryptocurrency as collateral, we expect that more people will be able to afford their dream home," BankSocial says. "Using blockchain technology to innovate the mortgage process has the potential to change the game for consumers, lenders, and real estate professionals for the better."
BankSocial aims to be the evolution of a better world by providing the financial backbone for facilitating borderless transactions, payments, and transfers.
For more information about BankSocial and Keep Your Crypto™, please see the company's website or contact:
BankSocial
[email protected]
855.568.3275
SOURCE: BankSocial