Fintech Firm Milo To Provide Cryptocurrency Mortgage Services
28 January 2022 - 12:36AM
NEWSBTC
More innovations keep springing up to fascinate and intrigue
digital investors with increased cryptocurrency adoption. In line
with that, Milo, a fintech startup based in Miami, introduced the
first global crypto mortgage. Through the bank’s offer, digital
investors have the opportunity of buying real estate in the U.S. by
using their cryptocurrencies. The offer from Milo, a digital bank,
runs as 30-year mortgage loans. These are currently accessible to
customers that could place collaterals with Bitcoin. This offer is
open to both Americans and other investors to acquire real estate
in the United States. Related Reading | Has Bitcoin Reached
Its Bottom? Analyst Says It Still Has A Long Way To Go According to
the official website of Milo, the bank advises that customers don’t
have to qualify for the mortgage through the sale of their crypto
holding for a down payment. Instead, using a crypto mortgage will
help you leverage your assets to invest in real estate. Some
customers have received loan grants from Milo as part of an
early-access stage. Subsequently, the digital bank anticipates that
its service will get to most applicants on its waiting list. In
January 2021, the digital bank generated $6 million from investors.
Including Metaprop, 10X Capital, and QED Investors in seed funding.
Currently, the amount of BTC for footing a loan or the collateral
to balance the volatile nature of the cryptocurrency is unknown.
Unfortunately, Milo is yet to disclose this information. What
Inspired The Cryptocurrency Mortgage? Milo’s CEO and founder, Josip
Rupena, mentioned the origin of the vision for the crypto mortgage.
He said that it came from the numerous experiences of customers who
cashed out their Bitcoin token for buying property. However, they
will later discover a rise in the value of BTC after their cash
out. Furthermore, the digital bank already has millions of dollars
generated from its other mortgage solution for international
customers. This now has several applicants from more than 63
countries. Through this service, non-U.S.-based users can remotely
close their housing loans. They do not need to move to the U.S. or
any embassy. The Mayor of Miami, Francis Suarez, stated that the
BTC mortgage stands as a milestone to enhance U.S. dominance with
the Bitcoin ecosystem. Mayor Suarez said this on Monday during an
introduction of Rupena at the North American Bitcoin Conference.
Moreover, commended Milo for its innovative ideas, saying that it’s
one of the companies needed to push Miami as the Capital. Related
Reading | Bitcoin Whales Take Advantage Of Market Crash To
Gobble Up Millions In BTC Before Milo, there has been a previous
move towards a crypto mortgage. United Wholesale Mortgage, in
August 2021, initiated an action for crypto mortgage repayments in
its pilot program that was using both BTC and ETH. However, the
company later abandoned its plans by October due to uncertainty in
regulation. Featured image from Bitcoin Magazine, charts from
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