Milo, a financial technology company that is reimagining the way crypto and global consumers access financial solutions, today announced the launch of its new crypto loan product. This launch means that digital asset-holders will now have the opportunity to use their cryptocurrency as collateral to access loans, ranging in value from USD $10K – $200K and larger on a case by case basis.
Customers who own crypto (BTC, ETH, and USDC) can pledge these digital assets and borrow US dollars. To get started, customers will simply complete a short loan application and send collateral to a trusted qualified custodian to be held in cold storage. Milo clients will be underwritten based on alternative data, allowing for more individuals to qualify. Crypto loans offered by Milo can be used for many purposes, and be disbursed within hours once compliance is approved.
Milo has been developing this product since 2022 and expects it to be available to most applicants in Q1 2023. The company has a large waitlist where clients will be granted early access to qualify for loans. Milo plans to initially launch its services for borrowers in California and Florida with plans to expand to other states in 2023.
“Crypto loans are an essential financial solution when consumers want to hold their crypto for the long run but need dollars today,” said Josip Rupena, CEO and Founder of Milo. “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.”
The company’s other crypto offering for real estate that launched last year, has already originated over $10 million in crypto mortgages and no customer has faced a margin call. Milo has also originated over $130 million in mortgages and has been regulated, licensed, and audited since 2020. Milo’s team brings decades of experience and its institutional capital base to create trusted crypto lending solutions. To learn more about the product and join the waitlist visit https://www.milo.io/crypto-loan.