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Blockchain

FinTech Figure Launches Cryptocurrency Mortgage Products

Figure Technologies, a US monetary know-how firm that operates each within the residence fairness and blockchain area, introduced on Wednesday that it has launched a cryptocurrency-backed mortgage buying and selling service that permits clients to borrow towards their Bitcoin or ether to fund residence purchases.

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While the total rollout is scheduled to happen in April, Figure has opened its ready record for crypto-backed mortgages within the US, an effort that will let debtors put up Bitcoin (BTC) or Ethereum (ETH) as collateral.

The mortgage instrument will permit funds with the crypto collateral. Borrowers will be capable to take out mortgages value as much as $20 million for a 30-year mortgage. Beginning in April, Figure will provide 30-year mortgages of as much as $20 million in alternate for placing up an equal quantity of cryptocurrency in both Bitcoin or Ether, as collateral.

In a Linkedin publish, Mike Cagney, the co-founder and CEO of blockchain startup Figure Technologies, disclosed that the corporate has opened a ready record for its mortgage merchandise (Crypto Mortgage and Crypto Mortgage PLUS), and people who signed up might obtain them in April.

Payment on the mortgage over the 30-year time period could be paid in money or with the crypto collateral, and would bear an rate of interest of between 3% and 5.99%, Cagney stated. “The loans can even be 100% loan-to-value (LTV), so should you put up $5 million in bitcoin or ether, we offer you a $5 million mortgage,” the CEO defined.

Figure follows a number of different corporations into the crypto-backed mortgage market, a pattern that exhibits rising curiosity in bringing digital belongings to the housing market.

In December final yr, Ledn, a crypto lending firm, raised $70 million to develop its Bitcoin-backed mortgage product. While in January, Milo, an actual property fintech primarily based in Miami, additionally launched a waitlist for its crypto mortgage product.

Leveraging Blockchain to Reinvent Financial Services Delivery

Figure was co-founded in 2018 by Mike Cagney, who was the co-founder and former CEO of SoFi, a San Francisco-based on-line private finance firm that went public in June final yr by a merger with a special-purpose acquisition firm run by tech investor Chamath Palihapitiya.

In 2017, Cagney stepped down as CEO of SoFi amid questions on sexual harassment on the agency. Cagney’s new startup, Figure, is already seeing its personal success. In July final yr, Figure raised $200 million in a Series D financing spherical, funding that gave the agency a valuation of $3.2 billion.

Figure is a monetary companies firm that leverages blockchain know-how. The firm gives shopper monetary options supposed for retirement planning, debt consolidation, and residential enchancment. Its monetary companies embrace offering residence fairness launch companies like residence enchancment loans, residence fairness traces of credit score, and residential buy-lease again choices, which leverage blockchain, synthetic intelligence, and superior analytics know-how companies to allow clients to entry capital in as few as 5 days.

Image supply: Shutterstock

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