Arch, a startup backed by tribecap and CastleIslandVC. has a new lending product that allows users to put up their crypto assets as collateral for loans. BrandyBetz reports.
The target customers for Arch are higher income or asset individuals who invest heavily in alternative assets who might feel discouraged by traditional lenders and financial institutions, explained Patel.
“Today, nearly 50% of young investors hold cryptocurrency, and over 80% have stated they are interested in investing in alternative assets,” said Patel. “With Arch, individuals can use crypto assets as collateral for loans, granting the ability to access capital to make other investments or make other large purchases to accelerate their financial journeys.”
Arch will also use the funding to continue adding regulatory approvals, which come with steep legal costs. The startup is currently legal to operate in 31 states, said co-founder and CTO Himanshu Sahay. Investors in Arch included Tribe Capital, Castle Island Ventures, Picus Capital and Global Founders Capital, among others.
Arch is starting with crypto but plans to eventually expand to use public stocks, equity investments in pre-initial public offering companies, and real estate so that borrowers can use a diverse portfolio of assets as collateral. The startup is also considering other types of financial technology such as cash management software
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