Milo launches crypto loan

Customers in Florida and California will be the first to benefit from the new initiative.

Financial technology company Milo has announced the launch of its new crypto loan product.

Digital asset holders now have the opportunity to use their cryptocurrencies to access loans ranging from $10,000 to $200,000.

Considering each case individually, some holders may even be able to access loans larger than $200,000.

Those who own cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and USDC can pledge these digital assets to borrow US dollars.

A short-term loan application must be completed with collateral sent to a trusted qualified custodian to be held in cold storage.

Milo’s crypto loans can be used for multiple purposes and are disbursed within hours of compliance being approved.

To increase both the success rate and the number of individuals hoping to apply, Milo clients will be underwritten based on alternative data and granted early access to qualify for loans.

The product has been in development since 2022 and is expected to become available in the first quarter of 2023.

The company hopes to launch its services to those in Florida and California with plans to expand to other states throughout the year.

Milo CEO and founder Josip Rupena said: “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 transparency is what we want to deliver.”

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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