Moon Mortgage Launches Mortgage Lending Service Backed by Cryptoassets.
Moon Mortgage, a cryptocurrency lending platform, has unveiled its latest service – mortgage lending backed by cryptoassets.
This new offering is available to all holders of liquid cryptoassets who want to use borrowed funds to finance the purchase of real estate.
The company has set a minimum loan amount of $1 million and a review period of approximately 14 days for loan applications.
The digital assets of investors will serve as collateral for the loan, and Moon Mortgage will provide 100% financing for real estate investments.
Until the loan is repaid, the property is also pledged under the loan.
All digital assets pledged will be transferred to one of Moon Mortgage’s banking partners for safekeeping to protect clients’ assets from potential speculation and embezzlement.
Moon Mortgage’s scenario for using cryptocurrency to provide financing for mortgage loans doesn’t involve the placement of collateral on its balance sheet.
This measure aims to secure the clients’ assets from potential security breaches.
The first-ever cryptocurrency loan on Wall Street was granted to Coinbase by Goldman Sachs in 2022, backed by bitcoins.