- Milo allows users to leverage their digital assets to purchase a property and has already granted some loans.
- Milo claims to be the world's first 'crypto mortgage' in which users can pledge their Bitcoin to invest.
- Milo enables foreign nationals to close their housing loans from their location, and they don't need to travel to the US.
Crypto enthusiasts are looking for Milo crypto after the financial technology (fintech) company said it would allow users to use their digital assets to purchase real estate in the US.
Milo claims to be the world's first 'crypto mortgage' in which users can pledge their Bitcoin to invest in real estate assets.
As the announcement has caught investors' attention, let's look at five important things you need to know about the Milo crypto mortgage platform:
What is the Milo crypto mortgage platform?
1. The fintech will allow users to leverage their digital assets to purchase a property that has already been granted some loans.
2. Milo claims that many customers are on its waiting list, and it expects to grant loans to most applicants against their digital assets.
3. As of now, it is not clear how much Bitcoin will be required for loan approval, or the level of over-collateralization needed to handle the volatility of the world's oldest cryptocurrency.
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4. Milo claims that its other mortgage solutions for non-United States customers have originated millions of dollars in loans. Notably, customers from more than 60 countries applied for the loan services.
5. Milo enables foreign nationals to close their housing loans from their location, and they don't need to travel to the US or a US embassy for completing the formalities.
6. Milo's founder and chief executive officer (CEO), Josip Rupena, reportedly said that the idea of crypto mortgage came after seeing stories of people cashing out their digital assets to purchase real estate assets.
7. This fintech is not the first to set sights on the crypto mortgage. Last year, United Wholesale Mortgage was exploring a crypto mortgage facility. However, the plans got shelved due to regulatory uncertainty.
Milo is exploring the cryptocurrency world, and it raised US$ 6 million in funding from investors like 10X Capital and Metaprop.
The fintech could benefit from Mr Rupena's experience working in companies like Goldman Sachs and Morgan Stanley.
Blockchain technology and cryptocurrency ecosystem looks promising due to its growing popularity and companies exploring this could benefit in future.