Investment banking giant Citigroup has released research on how property technology could affect the housing market, mentioning virtual estate in the metaverse and cryptocurrency-backed mortgages. In a report released Wednesday titled, “Home of the Future: PropTech — Towards a Frictionless Housing Market?” Citi said crypto, blockchain and property in the metaverse had the “potential to transform the traditional real estate market.” While crypto-backed mortgages could streamline the process of purchasing a home, many individuals have seen investments in metaverse property grow in the last two years. Citi reported that property loans linked to crypto assets could allow investors to “utilize …

Florida-based ratings and research firm Weiss Ratings has fired out a warning over the risks of crypto mortgages amid the current economic climate in the United States. The company paid particular focus to Milo, a digital banking startup from Miami that offers 30-year mortgages backed by Bitcoin (BTC), Ether (ETH) or stablecoins as collateral. The firm requires zero down payments and its loan rates vary between 3.95% and 5.95%. In the Tuesday report, Weiss analyst Jon D. Markman urged caution with such mortgages, citing the poor performance of stocks and crypto this year, a U.S. housing bubble, rising interest rates …

Blockchain real estate platform Propy has partnered with Abra to allow customers to obtain home loans using their cryptocurrency holdings, potentially widening the financial use cases of digital assets. Propy customers can now put up digital assets as collateral for their real estate purchases through Abra Borrow, a cryptocurrency lending and borrowing service. Crypto collateral pledged on Abra is used to borrow United States dollars that can then be applied to home purchases. The Propy blockchain records the entire transaction process, serving as the technical and legal framework for buyers and sellers. According to Propy, the blockchain records the transaction …

A new homeowner has bought an apartment in Austin, Texas, through a program that allows crypto holders to take out traditional uncollateralized mortgages based on their credit scores. The USDC.homes crypto mortgages platform issued its first crypto loan to an Austin resident who bought a $680,000 condo with a $500,000 loan issued in USD Coin (USDC) stablecoin over the Polygon network. This new platform combines practices from traditional lending markets such as leveraging a borrower’s credit score to determine eligibility with new decentralized finance (DeFi) innovations such as cryptocurrency staking to help pay off the balance. Today, we’re excited to …

America’s housing market may soon be facing its next bubble as home prices across the country continue to be fueled by demand, speculation and lavish spending that could result in a collapse. Moreover, many homeowners are opting to stay put due to climbing mortgage rates, creating a housing shortage. Data from the Federal National Mortgage Association, commonly known as Fannie Mae, found that 92% of homeowners think their current home is affordable. Yet, findings further show that 69% of the general population, consisting of both homeowners and renters, believe it’s becoming too difficult to find affordable housing. Web3 and the …

It’s full steam ahead for El Salvador’s Bitcoinization. The next point on the orange agenda is in providing low-interest loans backed by Bitcoin (BTC) to small and micro-businesses. While the details of the BTC loans are currently not disclosed, Mónica Taher, an advisor for the government of El Salvador, was straight-talking in a Facebook Live Audio held yesterday. The discussion was called “Bitcoin loans with lower interest rates.” Paul Steiner the President of CONAMYPE (the national institute for small and micro-businesses) shared that the implementation of loans would work with the government-created El Chivo wallet. El Salvador's business landscape is …

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 …