Milo, a Miami-based fintech startup, is introducing what it claims is the world's first "crypto mortgage." Digital bank will allow crypto investors to use their digital assets to buy real estate in the U.S.
Right now, only customers who want to use Bitcoin ( BTC ) as collateral are eligible for Milo's 30-year mortgage. Both U.S. and international customers will be able to use the service to purchase real estate on Milo's U.S. website.
Milo says it has already made some loans in the early access stage and expects the service to be available to most applicants on the waiting list in the coming months.
It is unclear how much BTC will be needed to secure the loan or the level of oversecurity needed to offset the volatility of digital assets. Cointelegraph has asked Milo for more details and will update this story when we receive a response.
Josip Rupena, Milo's CEO and founder, said the idea came in response to "countless stories" of people cashing in BTC to buy property, only to later increase its value.
Milo says the company's other mortgage solution for foreigners has already raised millions of dollars in loans and met with applicants from more than 63 countries. It allows customers outside the U.S. to close home loans remotely, without having to travel to the U.S. or an embassy.
Presenting Rupena at the North American Bitcoin Conference on Jan. 17, Miami pro-crypto Francis Suarez said the bitcoin mortgage is a "landmark achievement" for advancing U.S. dominance in the bitcoin ecosystem.
