Crypto lending firm Moon Mortgage secures $3.5m
Moon Mortgage, a crypto lending firm, has concluded its seed funding round. At the end of the round, the platform secured around $3.5 million. The funds will go towards developing its financial product offering in the real estate space.
It will allow investors to get financing for real estate while putting their virtual assets as collateral. Also, the investors can get loans against the cumulative values of their assets.
The lending firm is based in the United States. It helps investors collateralise their cryptocurrency holdings to get loans for real estate investment. Its products will be launched with the first phase tranched in Texas, Colorado, and Florida. After that, the firm aims to expand its operations throughout the US.
CEO’s thoughts on the Moon Mortgage milestone
The CEO and co-founder of the crypto lending firm, Aaron Nevin, believe there are no solutions in the market for using cryptocurrency holdings to invest in real estate. Nevin said that investors needed to liquidate their funds and “lose their upside and get hit with a massive tax bill.”
He further said that his firm aims to bridge the gap “[between] cryptocurrency and TradFi to make it easy for them to leverage their digital assets.” He explained that this would not only allow them to materialise their holdings but also enable them to continue making gains through it.
About Moon Mortgage
It is a US company that provides services related to cryptocurrencies. The Moon crypto mortgage allows you to buy a real-world asset without liquidating your virtual funds. Though it does not work as a traditional bank, a US chartered bank, Anchorage Digital, provides these services.
The platform raised around $3.5 million in its seeding round, which will be used for its lease services. Cadenza Ventures and CoinFund led this funding round.
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