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Unique Bitcoin-backed home loan refinancing deal in California

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Glen Oaks Escrow has made its first BTC-backed refinancing of a property in San Diego.

One of Southern California’s largest independent escrow companies, Glen Oaks Escrow, has announced its first property refinancing with a Bitcoin-backed loan.

The company stated that this is the first time a refinancing has been completed using Bitcoin as collateral. In the July 28 announcement it added that it has previously facilitated a number of real estate transactions that used BTC as the form of payment.

Glen Oaks Escrow, which started accepting Bitcoin payments in 2018, views the transaction as proof that Bitcoin’s value proposition is becoming clearer to debtors and creditors.

On July 27, a local TV station reported that the owner listed the $389,000 home for sale and will accept seven cryptocurrencies but prefers Dogecoin.

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