Australian fintech Block Earner has secured $8 million in funding to develop a Bitcoin-backed mortgage product. This innovative offering allows users to leverage Bitcoin as collateral to obtain funds for home purchases or renovations. The product features a 9.5% interest rate, with repayments possible in Australian dollars, Bitcoin, or a mix of both. Borrowers can access up to 60% of the property's value as a down payment, with the final mortgage facilitated by a third-party institution. Block Earner highlighted that the volatility in the crypto market is stabilizing, and pilot projects for the mortgage product are already underway. The company anticipates that users will be able to purchase homes using this product by the end of the year.