Milo, a fintech company based in the United States, has launched the world’s first crypto mortgage, which is expected to revolutionize how people across the world access financial services. The first-of-its-kind mortgage product will allow crypto investors to buy real estate in the United States using digital assets. Milo hopes to increase its capabilities by launching the new product to address the fast increasing crypto industry.
The significant part of the feature, according to the press release, is that Milo users would be able to use their Bitcoin to buy property as well as be eligible for a low-interest rate 30-year crypto mortgage. This solution will further enable its clients to continue owning their bitcoin and diversify into real estate while keeping both’s potential price appreciation into consideration.
As per the P.A, Milo has been working on this kind of mortgage since 2021 and expects it to be available to most applicants in early 2022. The fintech firm also revealed that it has a large waitlist where clients have been granted early access to qualifying for loans. Josip Rupena, CEO and Founder of Milo stated,
“The world is changing rapidly, with how consumers make and invest their $2 trillion in crypto wealth. Clients expect us to come up with innovative solutions to extend credit to millions of great consumers. The existing ways for crypto consumers to access home credit have left them with unintended tax liabilities of selling for a down payment or worse the opportunity cost of seeing their crypto increase in value. There are countless stories of people buying a property with bitcoin proceeds only to see it increase in value and be worth millions more.”
Milo’s crypto mortgages is a groundbreaking achievement- Miami Mayor
Expressing excitement over the announcement of the new feature, Miami Mayor Francis Suarez said that the firm through their new product will now help those consumers that were previously refused by other banking firms for solely owning crypto. Claiming that Milo’s decision to extend financial flexibility with crypto mortgages is a ‘groundbreaking achievement for advancing the dominance of United States in crypto,’ the politician added that consumers can now own a house using their Bitcoin wealth.
The idea of enabling crypto mortgages goes back to when broker Matrix Mortgage Global, flirted the idea in the early days of April 2021 but was not able to pursue it actively due to tax implications.
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