Moon Mortgage, a cryptocurrency lending platform, has raised $3.5m in a seed financing round headed by CoinFund and Cadenza Ventures.
According to FinTech Finance, Moon Mortgage’s CryptoMortgage product will enable digital asset investors to materialise their crypto holdings in real estate.
The company said the product does this by taking the investor’s digital assets as collateral and then providing 100% of the financing for owner-occupied and investment properties.
CryptoMortgage will be launching soon and will be open to investors in most States across the US for investment properties.
Moon Mortgage’s crypto assets are stored with Anchorage Digital, which is the first US federally chartered crypto bank, and all assets are stored with the highest possible protection standards.
Moon Mortgage CEO and co-founder Aaron Nevin said, “Many investors have been able to make impressive gains by investing in crypto — but you still can’t use it to buy a house., 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.
“Our $3.5 million investment — an impressive feat given the bearish outlook still given on crypto — will go a long way to making that vision a reality, as we look to launch our CryptoMortgage product this year.”
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