Fintech Milo has announced the launch of a new crypto loan product. Digital asset-holders now have the opportunity to use their cryptocurrency as collateral to access loans. Those loans range in value from USD $10,000 to $200,000 — and larger on a case by case basis.
Expected to release in Q1, the new product will initially be available to consumers in California and Florida. Milo has plans to expand to other states throughout the year, the company said in a press release.
Customers who own crypto (BTC, ETH, and USDC) can pledge these digital assets and borrow U.S. dollars.
The process involves a loan application and sending collateral to a “trusted qualified custodian” to be held in cold storage.
Milo clients will be underwritten based on alternative data, allowing for more individuals to qualify. Crypto loans offered by Milo can be used for many purposes. And they can be disbursed within hours once compliance is approved, the company said.
Last year, Milo launched its crypto mortgage product and closed $10 million in mortgages within a few months of launch.