Crypto lending platform, Moon Mortgage, has raised $3.5 million in a seed round as it intends to launch new products for the crypto market. The company plans to add a mortgage lending product to allow investors to use their crypto holdings as collateral for real estate investments.
Moon Mortgage hinted at this development in a tweet.
According to Moon Mortgage, "We're about to launch something very exciting for #crypto investors..."
While addressing reporters, Aaron Nevin, co-founder and CEO of Moon Mortgage, highlighted the problem gap they wish to fill. Nevin said crypto investors cannot still buy houses with their investments. They must liquidate their assets, forfeit their upside, and face a massive tax bill in order to purchase a home.
According to Nevin:
“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.”
Nevin added that raising $3.5 million in venture capital funding is a great achievement considering the downward trend of the crypto market. He also stated the funds will go a long way in helping the company achieve its vision. Moon Mortgage plans to launch its CryptoMortgage product before the year runs out.
The company stated the CryptoMortgage would soon be available to home buyers in Texas, Florida, and Colorado. The product will eventually be available to investors in most states across the United States for investment properties.
