Značka: digital assets

Fintech startup Milo is offering 30-year 'crypto-mortgages'

Miami-based fintech startup Milo is introducing what it claims is the world’s first “crypto mortgage.” The digital bank will allow crypto investors to leverage their digital assets to purchase real estate in the U.S. At the moment, only customers wanting to use Bitcoin (BTC) as collateral qualify for Milo’s 30-year mortgage loan. Both American and International customers will be able to use the service to purchase real estate in the U.S. Milo’s website states:“Instead of selling your crypto for a down payment to qualify for a mortgage, a crypto mortgage lets you leverage your crypto to invest in real estate.”Milo says it has already granted some loans as part of its early-access stage, and expects the service will be available to most applicants on its waiting list in the coming months. It remains unclear how much BTC will be needed to secure a loan, or the level of overcollateralization needed to balance out the digital asset’s volatility. Cointelegraph has asked Milo for more details and will update this story when we hear back.BREAKING: You can now buy a house using #Bitcoin as collateral and ZERO fiat deposit with mortgage lender Milo.— Bitcoin Archive (@BTC_Archive) January 18, 2022Josip Rupena, CEO and Founder of Milo said that the idea came in response to seeing the “countless stories” of people cashing out their BTC to purchase property, only to see it increase in value later on.“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.”Milo says that the company’s other mortgage solution for foreign nationals has originated millions of dollars in loans already and seen applicants from over 63 countries. It allows non-U.S.-based customers to close their housing loans remotely, without the need to travel to the U.S. or to an embassy.Introducing Rupena at the North American Bitcoin Conference on Jan 17, pro-crypto Miami Mayor Francis Suarez said that the Bitcoin mortgage is a “groundbreaking achievement” for advancing U.S. dominance in the Bitcoin ecosystem. “To become the Capital of Capital, Miami needs companies like Milo who are willing to innovate and ideate,” he added.Milo isn’t the first company to have its sights set on a crypto mortgage.In Aug 2021, United Wholesale Mortgage started testing the waters for crypto mortgage repayments with Ether and BTC in a pilot program. However, by Oct, it had dumped its plans due to regulatory uncertainty.Related: Propy rallies 227% as real estate NFTs become reality and PRO lists at CoinbaseMilo raised $6 million in seed funding from investors including QED investors, Metaprop, and 10x Capital in Jan 2021.Rupena has formerly worked at multinational Investment banking companies Morgan Stanley and Goldman Sachs.

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HSBC and IBM create successful multi-ledger CBDC demo

On Thursday, HSBC and IBM announced the successful test of an advanced token and digital wallet settlement between two central bank digital currencies, or CBDCs, in a cloud environment. The experiment consisted of transactions between CBDCs, eBonds, and forex. IBM’s Hyperledger Fabric and enterprise technology provider R3’s Corda served as the basis of the distributed ledger facilitating the transactions.The project was overseen by central bank Banque de France as part of a series of tranche projects to implement a digital Euro. Previously the French and Swiss central banks reported positive results on a pilot run of the digital Swiss Franc and Euro. Nevertheless, the two financial institutions issued caution on the subject, citing regulatory concerns.Mark Williamson, managing director of GFX eRisk, partnerships & propositions at HSBC, said:Interoperability across different distributed ledgers and technologies was key in demonstrating how to save time, reduce market risk and improve security for transactions between central banks, commercial banks, and in time our clients around the world.Likhit Wagle, general manager of global banking & financial markets at IBM, added:As central banks around the world begin to explore the potential for CBDC to bring greater transparency and security to financial transactions, this initiative provides a comprehensive roadmap.Across the world, CBDCs are gaining traction in part due to their utility as a means to combat the rises of stablecoins, which, to some, represent a threat to the financial system. This month alone, Australian Reserve Bank’s Project Atom CBDC research uncovered numerous benefits. Around the same time, Kazakhstan’s central bank reported positive results on its CBDC pilot project. The Eastern Caribbean CBDC expanded to two other countries, and Russia is prioritizing the development of a digital Ruble.

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Big jump in investors who favor crypto over stocks: Survey

New research by consumer data aggregator CivicScience has found that a growing number of investors are selling their shares to purchase more crypto. The research questions were sent to people over 18 years old in the U.S. at varying times during 2021. The results were weighted by U.S. census data. Each question had between 1000 and 40,600 respondents. Out of 3,700 respondents surveyed, the number who said they would be more likely to invest their money in cryptocurrency than traditional stocks increased 140% in just five months. Back in June, only 10% of respondents said they would be more likely to invest their money in cryptocurrency than traditional stocks, which rose to 24% in November.Interesting those who said they follow the financial market and economy “very closely” or “somewhat closely” were more likely to swap their traditional assets for crypto. Out of the 1285 respondents who said they follow the market “very closely,” 40% said that they or someone they know has sold their traditional stocks to purchase crypto. This percentage dropped to 30% for those who follow the market “somewhat closely,” and around 17% for those who said they followed the market “not closely at all.”Around 44% of the 1,988 respondents who had sold stocks for crypto said they’d sold less than 10% of their portfolios. But around one-fifth had sold over half of their stock assets to buy crypto which Zack Butovich from CivicScience described as a “shockingly significant number.” That might be pushing it, but it’s certainly notable.Related: True or false: 91% of surveys about Bitcoin and crypto are totally wrongAccording to its website, CivicScience sources its data through digital and mobile content partnerships. Cointelegraph contacted CivicScience for more detail on its methodology and is awaiting a response. CivicScience also found that those not interested in blockchain tech has continued to decline, from 80% in May of this year, to 68% currently based on 40,571 responses from May 1 to Dec. 6.

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Binance plans to become registered UK firm despite regulatory setbacks

Binance CEO Changpeng Zhao said the exchange is planning to expand to the U.K. in the next six to 18 months, despite being instructed by the country’s regulator to cease trading earlier this year. The U.K.’s Financial Conduct Authority (FCA) revoked Binance’s ability to trade in Britain in June, amid a sweeping regulatory crackdown on crypto exchanges. Binance is one of the world’s largest crypto exchanges. To become a registered crypto asset firm in the U.K., the platform must abide by money laundering and terrorist financing controls. To meet these requirements, Zhao indicated the company was considering setting up a specific company to run in the U.K. — similar to its Binance.US subsidiary. Zhao told the Telegraph on Dec. 4 that Binance plans to apply for an FCA license, having hired a “number of ex-regulatory staff from the UK” and a “couple of hundred compliance people” since the FCA notice in June.In October, the crypto exchange giant hired the former head of international relations at the Dubai Financial Services Authority (DFSA), as its chief regulatory liaison officer to contribute to facilitating better relations with international regulatory bodies.Zhao also indicated that the platform is “fully re-engaged” with regulators, and is in the process of making “a number of very substantial changes” in “product offerings, our internal processes, and the way we work with regulators.”Related: Binance continues push to become regulated crypto exchange with new hireWith approval from the FCA, Binance could offer products such as futures and derivatives in the U.K. In September, Binance announced that Australian users would have 90 days to close their positions for futures, options, and leveraged tokens as regulators continued to turn up the heat.Binance has also previously suspended derivatives trading for users in Germany, Italy, and the Netherlands as part of a broader plan to cease offering these products across Europe.In August, the FCA released a supervisory notice stating that it was “not capable” of effectively supervising Binance because it had not answered queries about its headquarters. The exchange has denied all allegations of market manipulation but still faces resistance from numerous jurisdictions including Germany, Malaysia, and South Korea.

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