regulators and financial institutions are trying to strangle the growth of cryptocurrencies. However the adoption of cryptocurrencies continues unabated in the US. Crypto assets are being accepted in bars, businesses, automatic teller machines. In recent times a Miami financial tech company has been putting forth the idea of using crypto assets for mortgage loans reports the laprensalatina.com.
The current financial regimens are set to transform, and the bank is no longer the only actor in this saga. Cryptocurrencies are playing an ever-important role in the economic framework. For example, the Miami-based tech firm Milo has just launched “Crypto Mortgage” to take advantage of the currencies – at present only Bitcoin – to invest in US real estate.
Josip Rupena, Milo’s president and founder, told EFE that there are international customers who possess an exciting array of cryptocurrencies for whom it was difficult to quantify them for a conventional mortgage loan” in the US.
Crypto Mortgage loans –Unlimited advantages
Rupena saw it as an opportunity and seized it immediately. Thus came into existence a new set up which gave a unique financial solution for customers who want to buy a property without having to sell their ‘crypto’ to pay in dollars,” as occurs with a conventional mortgage.
Rupena’s venture is a booming success, and today he has a waiting list of consumers of 6,000 people who want to buy a property and make their monthly payments in cryptocurrencies.
Rupena, who is of Chilean origin, added that there is a lot of demand from customers worldwide, and we’re processing mortgage loans. With a degree in Finance from the University of Miami, Rupena added that they charge interest rates between 5 to 7 percent for mortgage loans.
Comparing the advantages accrued from cryptocurrency mortgage loans to conventional mortgage loans, the former is much quicker and offers 100 finance with no down payment. The investors’ Cryptocurrency also does not suffer the erosion of “opportunity costs.” The investor does not need to sell off his crypto-assets only to see their value rise after a couple of years.
Miami City to launch its own cryptocoin
Miami City Mayor Francis Suarez is an avowed supporter of Cryptocurrency, and the city has many firsts to its name. For example, its famous night club E11even – began accepting payment for bar and other tabs in Bitcoin. Miami City is also contemplating launching its own virtual currency: MiamiCoin, a CityCoin cryptocurrency.