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 United States.
At the moment, only customers wanting to use Bitcoin 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 United States.
Milo 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 over-collateralization needed to balance out the digital asset’s volatility.
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.
According to Milo, its other mortgage solution for foreign nationals has originated millions of dollars in loans already and has seen applicants from over 63 countries
