Miami-based American fintech startup Milo has announced that it has launched a bitcoin-secured “crypto mortgage” to purchase real estate in the United States. The loan is offered up to $5 million and the loan collateral must be 100%. The mortgage rate is 3.95% per year, and the cryptocurrency is stored on the Gemini and Coinbase custody services.

“Instead of selling cryptocurrency to make a down payment on a mortgage in Fiat, the product allows you to use bitcoin to invest in real estate. Our strategy corresponds to yours – keep walking,” – the company said on its website.

Fintech-startup promises that the registration process for their services is faster than a traditional mortgage application. Payments can also be repaid in stablecoins and customers do not need a FICO credit rating. In this case, the reality of cryptocurrencies is considered sufficient to ensure its creditworthiness.

Milo opened an entry on the waiting list. The service will be available “in the coming months”. As part of early access, the digital bank has already issued several mortgages. Another non-cryptocurrency-related mortgage division of the company has welcomed “millions of dollars” applications from residents of 63 different countries. Source