The human arsenal might be expansive beyond all known limits, but it still hasn’t enjoyed anything more valuable than that tendency of ours to grow on a consistent basis. This is because the stated tendency has already fetched us some huge milestones, with technology appearing as a major member of the group. Talk about why technology is given such an esteemed stature, the answer, before it covers anything else, has to include its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we dig a little deeper, it will become clear how the whole runner was also very much inspired by the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow continue to deliver the right goods. The same has grown to become a lot more evident in recent times, and assuming a new development around the fintech space ends up making the desired impact, it will only further solidify that trend for the future and beyond.
Milo, a Miami-based financial technology company that is reimagining the way crypto and global consumers access financial solutions, has officially announced its new crypto loan product. As a core part of the service, digital asset-holders can now put-forth their cryptocurrency in the form of collateral and access funds that will likely range from $10k to $200k. However, the idea here is to treat every loan request on a case-by-case basis, meaning we can see that cap limit going up under certain scenarios. But how can a customer avail this service? Well, for starters, the interested party will have to fill out a short loan application. Once they have duly completed the stated step, the applicant then must send the relevant collateral to a trusted qualified custodian, who will hold it in cold storage until the loan has been repaid.
When quizzed regarding what actually drove the company to deliver such a service, Josip Rupena, CEO and Founder of Milo, responded by saying:
“Crypto loans are an essential financial solution when consumers want to hold their crypto for the long run but need dollars today. 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 move in question provides an interesting follow-up to Milo’s crypto service for real estate. Launched just last year, this offering has already originated over $10 million in crypto mortgages, and it has done so without making any customer go through a margin call.
Coming back to the product in question, Milo actively started working on it during the year 2022. Now, while the company plans on making it available nationwide, it will notably start from California and Florida. Even in these two areas, customers who have joined the product’s waitlist will be granted an early access to a loan.
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