Coinbase (NASDAQ:COIN) and Better Mortgage (NASDAQ:BETR) launched a token-backed mortgage Wednesday, letting crypto holders buy a home without selling their holdings.

What the Product Actually Does

According to a joint press release, Better originates and services the mortgage while Coinbase powers the crypto collateral layer, with the product structured to meet Fannie Mae conforming guidelines.

Approved Coinbase One members receive a lender credit equal to 1% of their mortgage value, saving up to $10,000 in closing costs across standard mortgages, HELOCs, and refinances.

The waitlist the companies opened in June generated over $260 million in projected loan volume before launch, with 76% of applicants already Coinbase One members and 60%…