Figure Technologies Reveals Crypto-Backed Mortgage Products

Potential customers can now join the waiting list ahead of the launch next month.

AccessTimeIconMar 23, 2022 at 12:24 p.m. UTC
Updated May 11, 2023 at 6:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain lending startup Figure Technologies unveiled Crypto Mortgage and Crypto Mortgage PLUS, both of which allow users to borrow against their bitcoin (BTC) or ether (ETH) to fund home purchases.

  • "Any amount up to $20 million, for a 30-year mortgage," said co-founder Mike Cagney on his LinkedIn page. The loans will also be 100% loan-to-value (LTV), i.e. "you put up $5 million in bitcoin or ether, we give you a $5 million mortgage."
  • Payments, he said, can be made via the borrower's crypto collateral, and Figure will not rehypothecate customer crypto. Mortgages will be available as soon as next month, and potential customers can now get on a waiting list.
  • The company website offers a bit more detail, with the Crypto Mortgage product being much as described above by Cagney, and the Crypto Mortgage PLUS option allowing customers to borrow up to 50% of their crypto value to make a 20% down payment, with the rest of the purchase funded with a conventional mortgage.
  • Figure processes loans on its proprietary Provenance Blockchain. The company's most recent funding round was last May, when it raised $200 million at a $3.2 billion valuation. Among the investors were 10T Holdings and Morgan Creek Capital Management.
  • What South Korea's Latest Election Means for Crypto Adoption in the Country
    00:38
    What South Korea's Latest Election Means for Crypto Adoption in the Country
  • Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
    00:52
    Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
  • What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
    19:02
    What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
  • Would You Get Paid in Crypto?
    00:57
    Would You Get Paid in Crypto?
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.