Crypto mortgage proptech firm Milo announced this week that it had closed $10 million in cryptocurrency-backed loans since introducing its 30-year product earlier this year.
"Through the crypto-lending program, Milo allows borrowers to pledge cryptocurrency through regulated custodians — crypto platforms such as Coinbase or Gemini — and thereby finance as much as 100 percent of the property purchase price, with a cap of $5 million," the company stated.
The theory is, or at least was, that people with crypto currency could make more on increases in the market value of their holdings than the gap between regular mortgages and crypto ones. Let a lender like Milo hold the crypto currency as collateral and the deposit should continue to gain in value so long as cryptocurrencies are in the ascendency.
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