Milo Launches Crypto Loans
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An editor at Coincrop
30 Jan 2023 | 4 min read
oday, Milo—a fintech leader reimagining how crypto and global consumers access financial solutions—announced the launch of its cutting-edge crypto loan product. Now, digital asset holders are empowered to leverage their cryptocurrency as collateral for loans ranging from USD $10K to $200K (and even larger on a case-by-case basis), providing individuals with greater financial flexibility than ever before.
Individuals who possess cryptocurrencies such as BTC, ETH, and USDC can pledge these digital assets to receive USD from Milo. Securing a loan is easy—simply fill out an application form and deposit your collateral into the secure custodian for cold storage. By leveraging alternative data during underwriting processes, more people have access to crypto loans with Milo that come approved within hours if compliance is achieved. These funds are great for multiple purposes!
For the past year, Milo has been diligently crafting a product that is expected to be available for all applicants in early 2023. An extensive waitlist has already started collecting names of those who are hoping to get earlier access to secure loans. This January, they will launch their services targeting borrowers from California and Florida, with intentions of broadening their reach throughout the entire United States later in 2023.
"Crypto loans are an essential financial solution when consumers want to hold their crypto for the long run but need dollars today," Josip Rupena, CEO and Founder of Milo, proclaimed. "Last year Milo launched an innovative crypto mortgage and with everything going on in the ecosystem we felt it was important to help our clients today by making it convenient for them to take out a crypto-backed loan. Many companies filed bankruptcy because they took extreme levels of risk and that's not our philosophy. Simple, safe, and transparency is what we want to deliver."
With its real estate-focused cryptocurrency product launching in 2020, Milo has already originated over $10 million in crypto mortgages all while keeping customers safe from margin calls. Additionally, with a long history of success and experience as well as institutional capital backing it up, the team at Milo is able to provide reliable lending solutions through their trusted platform - resulting in more than $130 million worth of mortgages since 2020 that have been regulated, licensed, and audited.
MikeAn editor at Coincrop
Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
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