Key facts
- Cross River Bank committed $250 million to purchase crypto-backed loans.
- The loans will be purchased from Figure Technologies.
- This partnership aims to expand Cross River's digital asset offerings.
- The deal will deepen the relationship between Cross River and Figure.
Cross River Bank has announced a significant commitment of $250 million to acquire crypto-backed loans originating from Figure Technologies. This financial arrangement is designed to bolster Cross River's presence in the digital asset space by integrating these loans into its portfolio. The partnership signifies a strategic effort by Cross River to broaden its suite of digital asset services and solidify its business relationship with Figure Technologies. The transaction underscores a growing trend of traditional financial institutions engaging with the cryptocurrency market through innovative lending and investment products.