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APX Lending, a cryptocurrency lender based in Toronto, opened a waitlist on October 29 for Bitcoin-backed mortgages it intends to roll out in Canada in the first quarter of 2027, according to AMBCrypto. The product would let homebuyers pledge Bitcoin as collateral rather than sell it to raise cash for a property purchase.
APX chief executive Andrei Polyakov has framed the offer around everyday borrowing uses. AMBCrypto reported that APX customers borrow to buy real estate, launch businesses and fund their children’s education, and that the company keeps customer crypto with BitGo without lending out pledged assets. The terms that would govern the mortgages — rates, repayment schedules and borrowing conditions — have not been announced.
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Key facts
- APX plans to launch the mortgages in Canada in the first quarter of 2027 and opened a waitlist on October 29, 2026.
- In APX’s illustration, a borrower pledges $190,000 in Bitcoin to obtain a $95,000 down payment loan on a home worth about $475,000; financing the full purchase would require roughly $475,000 in Bitcoin, with the property also acting as collateral.
- APX holds customer crypto through BitGo and does not lend out pledged assets, per both reports.
- APX’s existing crypto-backed loans carry annual rates of 9.99% to 11.49% at a 60% loan-to-value ratio, figures reported by CoinCentral, which said those terms may not apply to the mortgages.
- Canada’s residential mortgage debt reached $1.75 trillion in June, AMBCrypto reported; CoinCentral attributed the figure to the Canada Mortgage and Housing Corporation.
How the lending would work
The structure differs from the usual route for a Bitcoin holder who wants a home, which is to sell part of the holding for a down payment. Under the APX plan, the borrower keeps exposure to Bitcoin while posting it as security. APX says it will treat a mortgage shortfall separately from its current crypto-loan rules, which sell some Bitcoin once loan-to-value hits 90% and bring it back to 85%.
Polyakov told CoinCentral that a 40% fall in Bitcoin’s price would move a standalone loan from 50% to about 83% loan-to-value, a level that could force borrowers to add collateral or see pledged Bitcoin sold. He said selling collateral and enforcing a mortgage against a home are separate actions, and that whether a shortfall puts a house at risk would depend on the loan agreement. He also said the property acting as extra collateral could lower borrowing costs, but declined to give an expected mortgage rate, per CoinCentral. AMBCrypto reported separately that the mortgage product will have its own rules for collateral shortfalls, liquidations and defaults.
Also read: Crypto Market Today: Bitcoin Steady Near $80.6K as Pepe Jumps 13%
Why it matters
APX is trying to move crypto lending into a market where mortgage debt is measured in trillions, at a time when crypto-collateralized lending overall has been shrinking. AMBCrypto reported that total crypto-collateralized loans fell 16.78% to $56.16 billion in the second quarter. Similar products already operate in the United States: Miami-based Milo said in February that it had originated more than $100 million in crypto-backed mortgages, including one $12 million loan, according to CoinCentral, while AMBCrypto reported Sygnum Bank and Debifi launched the MultiSYG Bitcoin loan service on October 23 using segregated multisignature wallets shared among the client, the bank and independent institutional keyholders.
What to watch
APX has not set a date for publishing mortgage rates, repayment periods, loan-to-value limits and liquidation rules, though CoinCentral reported Polyakov saying the terms will be released before launch. The first quarter of 2027 is the target window for the product itself.
Reported by AMBCrypto.
Sources: AMBCrypto, CoinCentral