Traditional banks are finally entering the crypto-backed loan market; $250 million is just the beginning.

CryptoWorld News reports that, according to Crowdfund Insider, U.S. financial infrastructure services provider Cross River Bank has announced a forward flow agreement with blockchain-native capital markets firm Figure Technology Solutions, committing to purchase up to $250 million in assets to support Figure’s crypto asset-backed loan product. The product enables borrowers to obtain U.S. dollar loans by using digital assets as collateral while continuing to hold the related digital assets. Figure said that its loan origination system and capital markets platform are already used by more than 380 partners and have facilitated crypto loans related to more than $25 billion in home equity loan originations that are temporarily unavailable in some U.S. states.