In a new crypto loan product, Fintech lender Milo makes it possible for customers to borrow US dollars using their digital assets as collateral.

With the new crypto-backed loan product, borrowers have access to loans ranging from $10,000 to $200,000. A short application and collateral sent to a qualified custodian to be stored in cold storage are the only requirements for holders of digital assets (Bitcoin, Ethereum, USDC).

Josip Rupena, chief executive of Milo, said this allows consumers to hold their crypto for the long run while they need dollars today.

Milo launched a crypto mortgage product last year which preceded the launch of this new product. Over $10 million has been originated in crypto mortgages, according to the company. Regulated, licensed, and audited since 2020, over $130 million in mortgages has also been financed by Milo.

According to Rupena, since Milo launched a cryptocurrency mortgage last year, they felt it was important to make it convenient for their clients to take out a crypto-backed loan today with everything going on in the ecosystem. Unlike many other companies, they don’t take extreme levels of risk, which is why so many companies have filed for bankruptcy. Their goal is to deliver a simple, safe, and transparent service.

It is anticipated that Milo will grant early access to its new loan product to a number of clients. California and Florida will be the first states where the lender launches its services, with plans to expand to other states in 2023.