cryptoknowmics.com
Moon Mortgage, a cryptocurrency lending platform, has raised a $3.5 million seed round. The firm will use the money to finance its mortgage financing product CryptoMortgage. CryptoMortage offers 100% financing for investment properties in exchange for investors' digital assets as collateral. Moon Mortgage also allows investors to borrow money against the value of their digital assets. Co-founder and CEO Aaron Nevin said,
"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."
A Bridge Between Crypto and Trade Finance
In the past, to purchase a property, people would have had to sell their assets, forfeit their upside potential, and pay a hefty tax burden. A bridge between the crypto and trade finance industries is intended to make it simple for them to leverage their digital assets. According to the business, CryptoMortgage will soon be available to home buyers in Texas, Florida, and Colorado. Eventually, investors in most states in the U.S. will be able to use it to purchase investment properties. The U.S. federally regulated crypto bank Anchorage Digital is where Moon Mortgage stores its cryptocurrency holdings. Nevin noted,
"Many investors have been able to make impressive gains by investing in crypto - but you still can't use it to buy a house."
Firms want to close the gap between TradFi and crypto as soon as possible so that investors can continue to gain from their investments in crypto over the long run and use their crypto to invest in real-world assets.