Figure Technologies, a blockchain mortgage unicorn, has launched new products that would let users deposit Bitcoin or Ether as collateral for mortgage loans.
Founded in 2018, Figure Technologies was established by Mike Cagney, who is also the co-founder of the personal-finance firm SoFi. The Blockchain startup offers financial services such as home equity lines of credit, home improvement loans, and home buy-lease back offerings by leveraging blockchain technology, artificial intelligence, and advanced analytics.
The two products, Crypto Mortgage and Crypto Mortgage PLUS, will allow users to take out 30-year mortgages of up to $20 million in exchange for Bitcoin or Ether, co-founder Mike Cagney said in a LinkedIn post Tuesday.
“You can make payments with your crypto collateral. And we don’t rehypothecate your crypto,” Cagney wrote, adding that they have opened the waiting list for the products, which will be available starting April this year.
In addition, Figure will provide 100% loan-to-value (LTV) products, which means “you put up $5 million in bitcoin or ether, we give you a $5 million mortgage.” Meanwhile, the website states that loans will have an interest rate of 3% to 5.99%, with payments made via cryptocurrencies or cash.