US-Based Mortgage Firm Permits Homebuyers to Use Crypto Holdings as Collateral

Milo, a financial technology company that reimagines mortgage credit, removes the obstacle for down payments if homebuyers use crypto holdings as collateral for home loans. 

Miami-based Milo is willing to lend out individual home loans of up to $5 million to borrowers if they present the sufficient amount of Ethereum and Bitcoin they hold before being transferred to a custodian for safekeeping. 

Homebuyers now are available to pay monthly at the same rate as regular mortgages, either in crypto or cash. Still, the lender has to access the stored crypto if the borrowers default. 

Therefore, homebuyers would benefit from these latest options on two fronts because they will purchase properties that are likely to shoot up and also gain from a value increase in their cryptocurrencies. 

Having used a seven-figure loan anchored in crypto, Vincent Burniske was able to buy two small apartment buildings located in Coral Gables, Miami.

The sports-media consultant noted:

“I was convinced I was going down the conventional loan path. It’s comfortable. It’s what we know. But at any given moment, there are better financing options, and you really need to pay attention.”

Measures to curb crypto volatility

Milo has established measures to safeguard itself if a shock plunge is experienced in the crypto market. Per the report:

“If the value of the crypto collateral drops to below 65 percent of the loan amount, the borrower will be asked to provide more crypto or cash.”

The report added:

“If the value of the currency drops below 30 percent, Milo will immediately liquidate the Bitcoin or Ethereum and store that amount in traditional US dollars.”

With Milo having processed mortgages worth $340 million in March alone, the financial company seeks to refine this sector using new technologies like crypto.

Joseph Rupena, Milo’s founder, acknowledged:

“Milo will be looking to provide other long-term solutions to those with crypto wealth — not just mortgages.”

Therefore, the crypto sector is finding its new way into the mortgage sector. 

For instance, Figure Technologies, a US financial technology company, recently launched a cryptocurrency-backed mortgage trading service that enabled customers to borrow against their Bitcoin or Ether to fund home purchases.

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Fintech Firm Milo To Provide Cryptocurrency Mortgage Services

More innovations keep springing up to fascinate and intrigue digital investors with increased cryptocurrency adoption. In line with that, Milo, a fintech startup based in Miami, introduced the first global crypto mortgage.

Through the bank’s offer, digital investors have the opportunity of buying real estate in the U.S. by using their cryptocurrencies.

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The offer from Milo, a digital bank, runs as 30-year mortgage loans. These are currently accessible to customers that could place collaterals with Bitcoin. This offer is open to both Americans and other investors to acquire real estate in the United States.

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Related Reading | Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go

According to the official website of Milo, the bank advises that customers don’t have to qualify for the mortgage through the sale of their crypto holding for a down payment. Instead, using a crypto mortgage will help you leverage your assets to invest in real estate.

Some customers have received loan grants from Milo as part of an early-access stage. Subsequently, the digital bank anticipates that its service will get to most applicants on its waiting list.

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In January 2021, the digital bank generated $6 million from investors. Including Metaprop, 10X Capital, and QED Investors in seed funding.

Currently, the amount of BTC for footing a loan or the collateral to balance the volatile nature of the cryptocurrency is unknown. Unfortunately, Milo is yet to disclose this information.

What Inspired The Cryptocurrency Mortgage?

Milo’s CEO and founder, Josip Rupena, mentioned the origin of the vision for the crypto mortgage. He said that it came from the numerous experiences of customers who cashed out their Bitcoin token for buying property. However, they will later discover a rise in the value of BTC after their cash out.

Furthermore, the digital bank already has millions of dollars generated from its other mortgage solution for international customers. This now has several applicants from more than 63 countries. Through this service, non-U.S.-based users can remotely close their housing loans. They do not need to move to the U.S. or any embassy.

The Mayor of Miami, Francis Suarez, stated that the BTC mortgage stands as a milestone to enhance U.S. dominance with the Bitcoin ecosystem.

Mayor Suarez said this on Monday during an introduction of Rupena at the North American Bitcoin Conference. Moreover, commended Milo for its innovative ideas, saying that it’s one of the companies needed to push Miami as the Capital.

Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

Before Milo, there has been a previous move towards a crypto mortgage. United Wholesale Mortgage, in August 2021, initiated an action for crypto mortgage repayments in its pilot program that was using both BTC and ETH. However, the company later abandoned its plans by October due to uncertainty in regulation.

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UWM Holdings Corp Plans to Accept Crypto for Mortgage Payment this Year

Headquartered in Pontiac, MI. UWM Holdings Corp, a large-scale wholesale mortgage lender in the United States, said it plans to accept cryptocurrency to satisfy mortgage payment this year.

United Wholesale Mortgage (UWM), the nation’s largest home mortgage loan wholesale company, underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks, and local credit unions.

On Monday UMW second-quarter results announcement, UWM CEO Mat Ishbia said the company is actively evaluating the feasibility and requirements to accept cryptocurrencies as payments.

Mat Ishbia said in an interview that the firm might start accepting cryptocurrency payments at the end of this quarter, or the beginning of the fourth quarter, if possible, he said:

“I think we’re starting with Bitcoin, but we’re looking at Ethereum and others.”

The CEO added that this move is still under discussion, but plans cannot be guaranteed.

“We’re going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we are always trying to be the best and the leader in everything we do.”

Last year, UMW Holdings Corp purchased a blank capital company backed by billionaire Alec Gores for $16 billion and officially listed on the Nasdaq exchange in the form of a Special-Purpose Acquisition Company (SPAC).

UMW’s net profit for the quarter was $138.7 million. The stock price of UWM Holdings Corporation under the tick (UWMC) has risen after the market, up 1.78%, and now is trading at $7.44.

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New Bill in Spain Seeks To Enable Crypto-Based Mortgages

Lawmakers in Spain are proposing a new law that would allow homeowners to pay their mortgages using cryptocurrency.

The legislation, submitted by members of the People’s Party in a bid to promote digital transformation in Spain, also aims to enable real-estate companies and investment funds to use crypto assets to purchase mortgages from banks.



The drafted law proposes that banks use blockchain technology and smart contracts in managing processes and products such as mortgages, insurances and fund disbursements.

The legislation could also have effects that go beyond the financial sector.

The law proposes to use blockchain technology to track the origin and safety of food products and to ensure the immutability and traceability of medical records.

Additionally, the bill would offer tax incentives to businesses that use cryptocurrencies and blockchain technology.

These businesses, along with those in the drone technology and artificial intelligence industries, would receive a 25% tax cut for their research and development activities.

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Jim Cramer cashes out half his ‘phoney money’ Bitcoin to pay off mortgage

Business TV personality and converted Bitcoin proponent Jim Cramer has sold half of what he calls his “phoney money” Bitcoin portfolio to pay off his mortgage.

During Thursday’s broadcast of “Squawk on the Street,” co-anchor Jim Cramer revealed that he’s “decided to become an apostate,” by selling off half of his Bitcoin holdings to pay off his home. 

Cramer, who also hosts Mad Money, said that he bought a lot of Bitcoin at $12,000 because he thought it was a currency, and finally decided to take profits.

“I know people are going to be angry with me, but I paid off a mortgage yesterday with it.”

“It was like, kind of, phoney money paying for real money,” Cramer laughed. “I now own a house — lock, stock, and barrel — because I bought this currency. I think I won!”

Twitter user “SZ BeatzCoin” likened Cramer selling to the infamous pizza purchase for 10,000 BTC.

Once a Bitcoin critic, Cramer told his CTO to put $500,000 into Bitcoin after speaking to Morgan Creek Digital co-founder Anthony Pompliano in September last year. He even considered putting 1% of his $150 million net worth into the digital asset.

At the time, BTC was hovering between $10,000 and $12,000 but is now sitting at $63,000, up 425% in only six months.

Famous NFL player Russell Okung, called to Pompliano to pull Cramer back onto the straight and narrow:

In December, Cramer said he bought more around the $17,000 price range, although he didn’t reveal how much.

The TV personality returned to Pompliano’s podcast on March 22 to thank-him for the encouragement, explaining that he has since pulled out his initial investment and is now playing “with the house’s money,” and that he’s “never going to touch it.” That obviously hasn’t lasted.

Although he didn’t reveal how much his Bitcoin portfolio was worth, according to the cryptocurrency’s performance, it could have been around $2.4 million.

During the brief discussion on “Squawk on the Street” Cramer also reaffirmed his opinions regarding Coinbase’s listing yesterday, stating that a $600 price target for Coinbase’s COIN stock is still right.

“This is all a scarcity, we don’t have any other way for mutual funds to be involved with crypto.”

By investing in Coinbase stock, he added, you not only get crypto but also “honest management.”


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Mike Cagney’s Figure Launches Black-Check Firm to Raise $250 Million

Figure Technologies Inc. is making plans to launch a special purpose acquisition company (SPAC). Dubbed Figure Acquisition Corp.I, the blank-check firm will enable Figure to raise $250 million, according to a Bloomberg report on February 12, 2021.

Figure’s SPAC Ambition 

Figure Technologies Inc., a San Francisco-based company that issues mortgages and loans via its proprietary Provenance blockchain platform, has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a special purpose acquisition company (SPAC). 

For the uninitiated, a SPAC is simply a blank-check corporation that focuses on enabling other firms to go public without having to go through the stress and uncertainties of an initial public offering (IPO). 

Per sources close to the matter, Figure’s SPAC project is sponsored by its affiliate named Fintech Acquisition Corp., a U.S-based blank-check company that raised $218million in December 2020. 

Mortgages on the Blockchain

Founded in 2018,  Figure Technologies, Inc. functions as a financial technology firm in the home equity and distributed ledger technology space. The firm issues mortgages, loans, consumer financial solutions for home improvement, debt consolidation, and more.

Since its launch, Figure Technologies has raised more than $220 million in funding from corporate investors, including DST Global, RPM Ventures, Nimble Ventures and Morgan Creek, among others.

As stated in its filing with the SEC, Figure plans to identify and acquire only fintech firms that have a huge growth potential amongst other impressive characters.

“We expect to differentiate ourselves through our capacity to leverage proven and scaled blockchain platform which drives operational, technological and marketing improvements to maximize the growth potential of businesses,” the firm declared.

As reported by BTCManager earlier in January 2021, Figure Technologies obtained a $100 million loan from JPMorgan through its subsidiary, Figure Lending,  for its conforming and jumbo mortgages, making it clear that the funds will enable it to strengthen its financing facility and make it easier for its provenance blockchain platform to facilitate end-to-end financing of loans.

“It paves the way for the first securitization on-chain, which will demonstrate the massive cost savings, risk reduction, and liquidity benefits blockchain delivers,” declared Figure Technologies CEO, Mike Cagney at the time.

In the same vein, last May, the Bank of Russia announced plans to launch a blockchain-based mortgage system on its Masterchain DLT platform.

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Pioneering Aussie engineer refinances home loan using DeFi in a single day

A software engineer has taken decentralized finance to a new level of practicality, by paying off his mortgage with Commonwealth Bank of Australia and refinancing the loan through fixed-rate lending protocol Notional Finance.

The move marks a major step for the fledgling DeFi sector and more fixed-rate lending protocols in DeFi may attract additional users seeking mostability in longer-term investments and loans, such as mortgages. Currently, the ecosystem is largely populated by yield farmers looking for quick gains on their crypto collateral.

The DeFi engineer attempted the process through TradFi by seeking an offset loan, which directs a savings account’s interest towards paying down a mortgage.

Speaking to The Defiant, however, the borrower stated that banks are very cautious about lending in times of economic uncertainty, especially to those that are self-employed. He added that he had been rejected for a basic credit card for four years.

Notional Finance provides fixed-rate loans for up to six months for users that deposit crypto collateral in wrapped BTC, ETH, wrapped ETH, or DAI.

The approach was far from simple and user-friendly for noobs, however. The engineer had to pay off his bank loan first in AUD. He then had to borrow the USD pegged stablecoin USDC from Notional at a fixed rate, providing his own liquidity to avoid the slippage and fees on the new low volume platform.

He then added around $1 million in wBTC and wETH as collateral to Notional against which he borrowed around $500,000 of USDC which was converted to AUD to pay off the bank. He said:

“I feel like I’m in full control of my situation. People should be all over this stuff.”

Borrowing rates on Notional Finance for USDC are approximately 6% but some of that can be recouped by earnings from liquidity provision. There is the added bonus of maintaining a position in a bull market without having to sell crypto assets and incur a capital gains event upon which there would have been taxes to pay.

He added that the process was fast compared to traditional finance;

“It felt like it would’ve taken months of applications, finding tax returns and bank statements for the bank to refinance me, but I was able to do it all in one day, under my own agency,”

Leading DeFi protocol Aave has also started down the mortgage path with its latest partnership. In an announcement on Feb. 2, Aave stated that the scheme was in collaboration with RealT, a firm that tokenizes real estate in order to allow users to stake their property as collateral to take out loans. The ability to use these assets as collateral is the first step in making “mortgage” loans on Ethereum available to a wider audience.


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