The second largest mortgage lender in the United States is the first in the industry to accept Bitcoin payments!

The second largest mortgage lender in the United States is the first in the industry to accept Bitcoin payments!

Source: Wall Street Journal

The move comes as the U.S. is stepping up its regulation of virtual currencies. United Wholesale Mortgage is also evaluating the possibility of using Ethereum and other virtual currencies.

United Wholesale Mortgage, the second-largest mortgage lender in the United States, announced this week a plan to accept Bitcoin for mortgage payments, setting a precedent in the U.S. industry.

Mat Ishbia, president of United Wholesale Mortgage (UWM), said the company hopes to enable bitcoin payments in the third quarter, thus becoming a leader in technology and innovation.

UBM is also evaluating the possibility of using Ethereum and other virtual currencies. The company only operates in the wholesale channel and has many brokers to handle customers' mortgage matters.

It is worth mentioning that this move comes at a time when all sectors of the United States are strengthening their supervision of virtual currencies. Treasury Secretary Yellen and Federal Reserve Chairman Powell have all talked about related topics.

It is unclear whether UMW will hold the bitcoin it receives or convert it into fiat currency during the transaction.

Earlier this year, Tesla (680.26, 6.79, 1.01%) launched a Bitcoin payment channel on its official U.S. website, officially becoming the world's first major automaker to use virtual cryptocurrency, but later announced the cancellation for environmental reasons.

Bitcoin rebounded after falling below $30,000 in June and is currently trading around $47,000. It has risen more than 60% this year, significantly outperforming the S&P 500 index.