PANews reported on August 20th that Australian fintech company Block Earner announced it has secured $8 million in funding to develop a Bitcoin-backed mortgage product. This product allows users to use Bitcoin as collateral to finance a home purchase or renovation, with a 9.5% interest rate and repayments in Australian dollars, additional Bitcoin, or a combination of both. Users can borrow up to 60% of the property's value as a down payment, with the final mortgage provided by a third-party institution. Block Earner stated that cryptocurrency market volatility is gradually stabilizing, and a pilot program has been launched, with users expected to successfully purchase homes this year.