Through Miami-based Milo, “crypto-mortgages” get a second life
/Milo is launching what it calls the world’s full-fledged “crypto-mortgage” service, which lets customers purchase real estate in the U.S. through bitcoin. United Wholesale Mortgage previously piloted a similar program, but it shut down the initiative in October 2021 because of a murky regulatory landscape.
Why should we care?
While Milo’s ultimate success remains uncertain—especially given vague details about how the company will manage bitcoin’s volatility—it joins a growing network of Florida-based startups using the blockchain to re-engineer the real-estate industry. Propy, for example, is a blockchain-based protocol that looks to expedite the closing process for real-estate purchases through NFT-based contracts. Propy’s founder and CEO, Natalia Karayaneva, chose Florida for the protocol’s launch because of the state’s pro-crypto government, job market, and 0% income tax. In this vein, Milo has enjoyed vocal support from local government officials, which may have helped convince the startup to adopt a riskier business model. “To become the Capital of Capital, Miami needs companies like Milo who are willing to innovate and ideate,” said Miami Mayor Francis Suarez. Even if national policies remain (literally) unwritten, Milo has found a relatively stable home base in the Sunshine State. Similar businesses may follow suit, creating a uniquely localized real estate market in Florida—one using blockchain-based infrastructure for closing deals, setting up down payments, and more.