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Crypto Lending Platform Moon Mortgage Raises $3.5M Seed Round

Finance

www.coindesk.com 11 October 2022 04:36, UTC
  
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Crypto lending platform Moon Mortgage has raised a $3.5 million seed round. The funds will be used to finance Moon’s mortgage lending product, CryptoMortgage.

CryptoMortage takes investors' digital assets as collateral, and then provides 100% financing for investment properties. Investors can also use Moon Mortgage to take out a loan against the value of their digital assets.

“People are already incentivized to use their crypto to invest in real estate; the problem is that until now they have never had the ability to,” co-founder and CEO Aaron Nevin told CoinDesk. “Historically, to buy a home they would have had to liquidate their assets, lose their upside and get hit with a massive tax bill. The aim is to bridge the two worlds of crypto and TradFi to make it easy for them to leverage their digital assets.”

CryptoMortgage will be launching soon for home buyers in Texas, Florida and Colorado, and will eventually be open to investors in most states across the U.S. for investment properties, according to the company.

Moon Mortgage’s crypto assets are stored with crypto custodial firm Anchorage Digital, which is a U.S. federally chartered crypto bank.

“Many investors have been able to make impressive gains by investing in crypto – but you still can’t use it to buy a house,” noted Nevin. “The convergence of TradFi and crypto is still a long way off, so we want to bridge that gap now and allow investors to not just be able to use their crypto to invest in real world assets, but to also be able to continue benefiting from their crypto investments in the long term.”


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