Fintech startup Milo is offering 30-year 'crypto-mortgages'
Miami-based fintech startup Milo is introducing what it claims is the world’s first “crypto mortgage.” The digital bank will allow crypto investors to leverage their digital assets to purchase real estate in the U.S.
At the moment, only customers wanting to use Bitcoin (BTC) as collateral qualify for Milo’s 30-year mortgage loan. Both American and International customers will be able to use the service to purchase real estate in the U.S. Milo’s website states:
Milo says it has already granted some loans as part of its early-access stage, and expects the service will be available to most applicants on its waiting list in the coming months.
It remains unclear how much BTC will be needed to secure a loan, or the level of overcollateralization needed to balance out the digital asset’s volatility. Cointelegraph has asked Milo for more details and will update this story when we hear back.
BREAKING: You can now buy a house using #Bitcoin as collateral and ZERO fiat deposit with mortgage lender Milo.
Josip Rupena, CEO and Founder of Milo said that the idea came in response to seeing the “countless stories” of people cashing out their BTC to purchase property, only to see it increase in value later on.
Milo says that the company’s other mortgage solution for foreign nationals has originated millions of dollars in loans already and seen applicants from over 63 countries. It allows non-U.S.-based customers to close their housing loans remotely, without the need to travel to the U.S. or to an embassy.
Introducing Rupena at the North American Bitcoin Conference on Jan 17, pro-crypto Miami Mayor Francis Suarez said that the Bitcoin mortgage is a “groundbreaking achievement” for advancing U.S. dominance in the Bitcoin ecosystem.
“To become
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