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Fintech Startup Milo Is Offering 30-Year “Crypto-Mortgages”

Milo, a fintech startup from Miami, has announced it will offer the possibility of a “crypto mortgage,” making it possibly the first company to ever do so in the world.

The digital bank will let crypto investors to leverage their digital assets in order to buy real estate in the United States of America.

As of now, only Bitcoin can be used as collateral for the 30-year mortgage loan. Customers based in the US and outside of it can use the services of the company.

“Instead of selling your crypto for a down payment to qualify for a mortgage, a crypto mortgage lets you leverage your crypto to invest in real estate,” reads the official website of the company.

Milo revealed that, as part of its early-access program, it has already managed to offer some loans. It is expected that the service will become available for most applicants in the near future.

The CEO and founder of Milo, Josip Rupena, stated:

“The existing ways for crypto consumers to access home credit has left them with unintended tax liabilities of selling for a down payment or worse the opportunity cost of seeing their crypto increase in value.”

The company has already received applications from 63 countries. This idea does indeed come in handy as it means that people don’t have to be in the US or contact an embassy in order to mortgage a house.

Francis Suarez, the mayor of Miami, described the Bitcoin mortgage as a “groundbreaking achievement” for American dominance of Bitcoin and stated that “to become the Capital of Capital, Miami needs companies like Milo who are willing to innovate and ideate.”

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