Milo, a financial technology firm, today announced the debut of its new cryptocurrency loan product. Milo is reinventing how users around the world and those who use cryptocurrencies access financial solutions.
With this product launch, owners of digital assets will now have the option to use their cryptocurrencies as collateral to receive loans with values ranging from USD 10K to $200K and higher, depending on the situation.
According to the report, BTC, ETH, and USDC holders can use these digital assets as collateral to borrow US dollars. To get started, customers must fill out a brief loan application and transfer collateral to a reliable, qualified custodian to be kept in cold storage.
The report also reveals Milo clients would have their applications underwritten using different data, making more people eligible. Milo offers cryptocurrency loans that may be used for various things and are disbursed quickly if compliance is approved.
The majority of applicants should have access to this product in Q1 2023, according to Milo, which has been working on it since 2022. Customers in the company’s lengthy queue will be given early access to be eligible for loans.
Josip Rupena, CEO and Founder of Milo, stated:
“Crypto loans are an essential financial solution when consumers want to hold their crypto for the long run but need dollars today.”
With everything going on in the ecosystem, Josip noted that they believed it was necessary to serve their clients today by making it easier for them to take out a crypto-backed loan.
Milo will first offer its services to lenders in California and Florida, with plans to expand to other states in 2023.
The company’s other cryptocurrency real estate offering, which debuted last year, is said to have generated more than $10 million in cryptocurrency mortgage originations, with no customers experiencing a margin call.
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