Moon Mortgage lands $3.5M investment to provide crypto-collateralized mortgages
Investors and prospective homebuyers will soon be able to take out cryptocurrency-backed mortgages to purchase real estate in the United States.
In a press release shared with CryptoSlate, the company said its new product will allow investors to embody cryptocurrency holdings in real estate. This new product takes the investor’s digital assets as collateral and provides his 100% funding for both the property the owner occupies and the investment property.
Aaron Nevin, co-founder and CEO of Moon Mortgage, said, “Many investors have been able to make impressive returns by investing in cryptocurrencies, but they still can’t buy a house with it. “The convergence of TradFi and cryptocurrencies is still in the future, so we want to close the gap and allow investors to not only use cryptocurrencies to invest in real-world assets, but also continue to enjoy the benefits.” from long-term crypto investments.”
Nevin said the $3.5 million investment is an impressive feat for the company given that the ongoing bear market appears to have no end in sight. A seed round led by CoinFund and Cadenza Ventures will allow us to launch our own CryptoMortgage product by the end of the year.
Upon launch, the product will be available to homebuyers in Texas, Florida and Colorado, allowing investors in most US states to purchase investment properties. The product will allow non-US residents to invest in real estate in the US.
All crypto assets deposited to month mortgage Nevin said it will be stored at Anchorage Digital, a federally-licensed crypto bank in the United States, where it will be protected to the highest standards in the industry.
Backers of Moon Mortgage believe the company will greatly improve the home buying and lending experience. CoinFund partner Austin Barack said it is building the missing “critical infrastructure” to connect cryptocurrencies to the real estate asset class.
