Značka: Real Estate

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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Propy rallies 227% as real estate NFTs become reality and PRO lists at Coinbase

Nonfungible tokens (NFTs) skyrocketed in popularity over the course of 2021 as the wider public became enthralled with projects like the Bored Ape Yacht Club and CryptoPunks, but these one-of-a-kind digital images are only scratching the surface of what NFT technology is capable of. One project focused on expanding the functionality of NFTs beyond the digital art space is Propy, a protocol focused on the integration of blockchain technology with the real estate sector by automating the closing process of home buying to make the entire process faster, simpler and more secure. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.12 on Jan. 12, the price of PRO moved 227% higher to hit a daily high at $3.67 on Jan. 14 as its 24-hour trading volume spiked 452% to $29.3 million. PRO/USDT 4-hour chart. Source: TradingViewThree reasons for the sudden surge in Propy price include the token being listed on Coinbase exchange, the successful completion of the first sale of a real estate NFT and growing potential of NFTs to be used in different use cases. The Coinbase bumpThe surge in the price of PRO on Jan. 14 was in large part due to the token listed on Coinbase, the largest cryptocurrency exchange in the United States. INV, LQTY, NCT and PRO are now live on https://t.co/iQARfimGvY & in the Coinbase iOS & Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive or store.https://t.co/Yhm3KRFbAr pic.twitter.com/TFzIoqhQG4— Coinbase (@coinbase) January 13, 2022Prior to the Coinbase listing, the PRO token was only available on a limited number of exchanges including Huobi Global, Bitrue and the decentralized exchange Uniswap. Coinbase is the second-largest cryptocurrency exchange by volume globally and the main exchange serving U.S.-based investors who have historically conducted the highest volume of cryptocurrency trading. The first real estate NFT in the U.S.A second development that is helping to boost the price and trading volume of PRO is the upcoming sale of the first real estate NFT in the United States. According to Propy founder and CEO Natalia Karayaneva, the reason Propy chose Florida for its first U.S.-based real estate sales include a crypto-friendly state government, positive future price growth and demographic statistics, a growing job market and the state’s 0% individual income tax policy. While the upcoming sale in Tampa marks the first real estate NFT sale in the U.S., Propy completed the first-ever NFT sale back in 2017 when TechCrunch founder Michael Arrington sold his Kyiv apartment for 36 Ether. Related: NFT sales and blockchain games continue to grow despite the recent market slump: ReportRising popularity of NFTs and blockchain technologyAnother reason for the building momentum behind Propy is the overall growth in awareness of NFTs and blockchain technology. The promise of integrating NFTs with things like house deeds and corporate contracts has been a topic of discussion for years, and last year’s explosion in NFT interest and trading volume raised the level of public awareness to the point where the concept can gain more traction.On top of the usefulness of NFT technology, the increasingly dire state of the global financial system has investors looking for secure places to store their wealth, for which real estate has long been a preferred safe haven. Best hedge against all of the chaos in the world:1. crypto2. real estate3. investment in yourself— Natalia Karayaneva (@NataliePropy) December 29, 2021

Now, the process of buying and holding real estate is about to enter the 21st century with the integration of blockchain technology and NFTs because the influence of middlemen will be reduced, helping to lower the cost of the entire process. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Hong Kong real estate giant leads $90M raise for crypto bank Sygnum

Sun Hung Kai, one of the largest property developers in Hong Kong, continues betting on the cryptocurrency industry by investing in Swiss crypto outfit Sygnum.Sygnum officially announced Thursday that it closed a $90 million Series B round led by Sun Hung Kai, a real estate giant and alternative investment firm in Hong Kong.According to Sun Hung Kai’s group executive chairman Lee Seng Huang, the company has a strategic vision to expand its fund management offerings into digital assets.“Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully-regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond,” he said.The funding round brings Sygnum’s post-money valuation to $800 million, marking a tenfold surge in consolidated revenues from 2021.The raised capital aims to help the Swiss company expand around the world, create new products in collaboration with strategic investors as well as accelerate the development of new institutional-grade Web 3.0 offerings like decentralized finance pools and staking services, as well as additional partnerships with blockchain ecosystems like the Dfinity Foundation.Related: PwC Hong Kong purchases land plot in The SandboxOther big investors in the round included nonfungible token (NFT) companies like Animoca Brands and Wemade, Canadian investment firm Meta Investments, as well as existing strategic investors such as SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X.Sun Hung Kai has been increasingly moving into the crypto and blockchain industry recently, expressing particular interest in the metaverse and NFTs. On Wednesday, Sun Hung Kai became a major partner of the Sandbox, a major decentralized gaming virtual world and subsidiary of Animoca Brands.

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CEO of Coinbase crypto exchange reportedly buys LA mansion for $133M

Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the United States, has reportedly made a multi-million-dollar real estate purchase at the end of 2021.Armstrong bought a $133 million Los Angeles property from Japanese entrepreneur Hideki Tomita in December, The Wall Street Journal reported on Monday, citing anonymous people familiar with the matter.According to the WSJ, Tomita originally purchased the real estate for $85 million in 2018. The new deal allegedly marks the biggest home purchase ever completed in the L.A. area.Prior to being sold to Tomita, the Bel-Air estate was formerly owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram heir Charles Bronfman.The property included a 19,000-square-foot mansion featuring a theater, a gym and a double-height dining room. The property also reportedly had a 6,600-square-foot guest house designed by Paul Williams.Armstrong co-founded Coinbase with American business executive and investor Fred Ehrsam back in 2012. The exchange has been growing massively in recent years, becoming the largest crypto trading platform in the U.S. in terms of trading volumes and going public on Nasdaq in April 2021.With a reportedly 19% stake in Coinbase, Armstrong had an estimated net worth of $14.7 billion as of November 2021, being one of the world’s richest crypto investors alongside FTX exchange founder Sam Bankman-Fried. Armstrong was also referred to as the world’s biggest crypto billionaire by China’s Hurun Research Institute in March 2021.Coinbase did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending any new information.Related: Russian bank Sber launches blockchain ETF tracking Coinbase, Galaxy DigitalCrypto executives have been increasingly buying real estate recently. Jonathan Yantis, a co-founder at the nonfungible token platform Worldwide Asset eXchange, reportedly purchased a 70-acre estate outside Denver for $12.5 million in mid-December.Changpeng Zhao, CEO of the world’s largest crypto exchange, Binance, reportedly bought his first home in Dubai in October 2021. He previously said that he did not own any real estate as of April 2021, claiming that he sold his apartment in Shanghai back in 2006 to buy Bitcoin.

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