Značka: Fintech

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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Crypto job posts on LinkedIn rocketed 395% in 2021

It wasn’t just a bull run for prices last year. Careers in crypto outstripped price action in 2021, as crypto job searches soared by 395% in the United States alone according to LinkedIn.Crucially, the crypto industry outpaced the wider tech industry, which also saw remarkable development, almost doubling its number of job listings. However, at 98% growth, the tech industry dwindles in comparison to crypto jobs, which gained by a whopping 395%.Furthermore, no industry was safe from “crypto-ization” in 2021. The LinkedIn News post offered valuable insight into crypto influencing other industries: While most of the job postings were in software and finance, other industries are also seeing a rise in demand for crypto talent. These include professional services like accounting and consulting, as well as the staffing and computer hardware sectors.For 2022, the growth trend looks set to continue. The biggest exchanges in crypto are brimming with job posts; Coinbase has over 250 openings, Kraken over 300, and the world’s most active exchange, Binance, lists more than 600 job posts. For Bitcoiners and Bitcoin (BTC) Maxi’s there’s a new resource, Bitcoiner jobs. A service dedicated to helping connect Bitcoiners with Bitcoin-only companies, it now offers almost 100 Satoshi-approved careers.For those who are unable to switch jobs into crypto, a wider HR trend is crypto remuneration. The Mayors of New York and Miami announced that they would take a portion of their pay in BTC in 2021, while a total of seven NFL players have chosen crypto over cash salaries to date.Related: 3x NBA champion Andre Iguodala becomes the latest athlete to receive salary in cryptoNonetheless, while the crypto career switch appears to be gaining traction, the LinkedIn audience is not convinced. Most comments on the LinkedIn post were from bewildered onlookers wondering why crypto has value; and one aggrieved copywriter remonstrated the industry’s scammy nature. Plus, given that Bitcoin price action has yet to impress in 2022, the crypto industry may struggle to sustain such high human resources growth levels. In the 2018 bear market, several cryptocurrency companies laid off staff. In sum, BTC activity needs to pick up to continue to support job creation.

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Checkout.com raises $1B in Series D, bringing valuation to $40B

Global payments processor Checkout.com announced a $1 billion Series D funding round on Wednesday, which marks a total of $1.8 billion raised to date and a $40 billion company valuation.Among the primary investors in the latest round are Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, the Oxford Endowment Fund and more.Big news We’ve just closed our $1bn Series D funding round at a $40 billion valuation. It will help drive our US growth, our platform evolution, and exciting work in Web3 Read more from our founder and CEO, @GuillaumePousaz https://t.co/KiqE2Q5NGD pic.twitter.com/PEXmtN2Xkv— Checkout.com (@Checkout) January 12, 2022The U.K.-based startup plans to use the funds to scale operations in the U.S. market, further develop their payment platform and “strengthen leadership in Web3,” according to the statement. Checkout.com founder and CEO, Guillaume Pousaz acknowledged:”At our core, we help enterprise merchants to navigate the complexity of moving money around the world, whether in fiat currency or bridging the gap to Web3.”Related: British Payment Firm Checkout.​com Joins the Libra AssociationIn addition to serving ecommerce and services merchants such as Netflix, Pizza Hut and Sony, Checkout.com also powers large crypto players, including Coinbase, Crypto.com, FTX and MoonPay. Its modular products are also used by the fan token provider Socios.com and the blockchain-based wallet Novi from Meta. The company also claims to be beta-testing a proprietary solution for merchants to settle transactions in digital currencies.Pousaz added that the company is still in “chapter zero of our journey” of bridging fiat and cryptocurrencies. And according to Checkout.com’s 2022 e-commerce trends report, payment diversification strategies are “vital” if brands want to convert more sales, especially as merchants increasingly offer digital wallet integrations, QR code scanners and even to sell their own NFTs.

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German neobank N26 to launch crypto trading later this year

German neobank N26, one of the biggest European fintechs with over $9 billion in valuation, is finally ready to tackle crypto and equities trading after striving for a global expansion.Despite being an early player in the financial technology boom across Europe, the Berlin-based online bank N26’s global ambitions induced a setback in its diversification of services, N26 co-founder and co-CEO Max Tayenthal said in an FT interview.After exiting two critical fintech markets, the United States and the United Kingdom, N26 plans to “sharpen its focus on its European business” by introducing new products and services to its 7 million customers.According to Tayenthal, who admitted that the online bank needs to expand its product universe, N26 aims to launch a crypto trading business in 2022, followed by an equities brokerage, instead of “putting flags in new markets.” The N26 mobile app currently doesn’t offer crypto functionality, and features of the upcoming product related to crypto trading are yet to be revealed. Cointelegraph reached out to N26 for more information, and this article will be updated pending new details.Related: Retailers to drive crypto payments adoption: SurveyN26 announced its exit from the U.S. market in November when it teased additional financial products and services for its European customers. “N26 will focus its strategy on broadening its digital banking experience into new verticals to include investment products in the coming year,” the announcement said.The company was hit by several restrictions from German financial watchdog BaFin in May 2021, partly due to its lacking Anti-Money Laundering controls. BaFin decreed that N26, which accepted an average of 170,000 new clients per month last year, can not onboard more than 50,000 customers per month.Describing the BaFin-enforced new customer cap as a massive restriction for the growth investor-funded fintech, Tayenthal said he expects the condition to by late summer 2022.

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Crypto payments solutions firm Ramp raises $53 million to increase adoption of dApps

On Wednesday, crypto-fiat gateway payments provider Ramp announced it had raised a $52.7 million Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and angel investors. Ramp allows its partner brands to offer crypto-enabled services, claiming that it takes mere hours for developers to integrate their decentralized applications, or dApps, with its software. It has over 400 partners, including Axie Infinity, Mozilla, Opera Browser, Dapper Labs, Aave, Argent, Trust Wallet, and Zerion. The firm has regulatory approval in the U.S., U.K., and Poland.Current uses of Ramp include purchasing cryptocurrencies for storage in wallets directly in the Opera internet browser, buying and selling in-game content within fantasy football nonfunguible tokens, or NFTs, game Sorare, and onboarding new players in monster battle NFTs game Axie Infinity. In the future, Ramp developers plan to expand the software to help facilitate crypto transactions for financial institutions within their banking apps.Szymon Sypniewicz, co-founder and CEO of Ramp, issued the following statement regarding the development:”We’re on a mission to provide instant access to cryptocurrencies through a provider they can trust.”Morgan Beller, general partner at NFX and Ramp board member, added:”When I look at web3 companies, I ask: ‘Will this product help onboard net new users to the space?’ And, of course, does this product have network effects? Ramp is the ultimate answer to both questions. It is unique in its ability to help take web3 to the next adoption level.”

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