Moon Mortgage, a new lender that will use cryptocurrency as part of the loan security, recently raised $3.5 million in a seed round as it prepares to bring its product to market.
The fundraising was led by CoinFund and Cadenza Ventures, which both invested $1.65 million in the business.
In its flagship product, a borrower seeking a property valued at $1 million, for example, would need to put Bitcoin or Ethereum or a combination thereof of an equal amount into a custodial account as part of the security for the loan, said Moon Mortgage co-founder and CEO Aaron Nevin. But in addition to controlling the crypto currency, Moon Mortgage has a traditional first-lien position on the property's title.
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