Digital banking and lending company Milo has announced a new service that finally allows cryptocurrency investors in the United States to purchase homes using their digital assets as collateral.
Before now, buying properties with Bitcoin or any other cryptocurrency required investors to sell their holdings or collateralize their digital assets for loans used in down payments. However, this has changed.
The Milo crypto mortgage service is reportedly the first-of-its-kind offering that allows investors to purchase US real estate without having to sell their Bitcoin. By leveraging their crypto, the customers get to keep both the property and their digital currency. There won’t be any requirement for dollar deposits, per the announcement.
Crypto mortgage: The future is here
The development today is a great leap for the Bitcoin market and investors, as the crypto mortgage service could save from unintended taxes whilst keeping them in the market for potential profits when the price begins to increase.
“The existing ways for crypto consumers to access home credit has left them with unintended tax liabilities of selling for a down payment or worse the opportunity cost of seeing their crypto increase in value,” the founder of Milo, Josip Rupena, explained.
The new crypto mortgage was unveiled in Miami during the North American Bitcoin Conference.
At the time of writing, the price of Bitcoin was $41,566, a 2.36 percent decrease over the last 24 hours.