Propy and Abra announced a partnership that will allow Propy customers to purchase real estate by securing a loan with Abra Borrow
Propy partners with Abra to provide crypto-backed real estate loans
Today, Propy, the leading blockchain-powered real estate transaction and offer platform, and Abra, a leading digital asset wealth management platform, announced a partnership that will allow Propy customers to purchase real estate by securing a loan with Abra Borrow using their digital assets as collateral.
Real estate agents, buyers, and sellers are becoming more knowledgeable about the value of digital assets in real estate transactions as material wealth continues to shift to digital assets.
Propy streamlines the real estate transaction process by allowing buyers and sellers to complete all transactions using the blockchain as the technological and legal framework.
Propy customers can now use Abra Borrow, a cryptocurrency lending and borrowing service, to put up digital assets as collateral for real estate purchases. The crypto collateral pledged on Abra is used to borrow US dollars, which can then be used to purchase a home.
Abra Borrow allows you to borrow US dollars almost instantly using crypto as collateral, with flexible repayment terms and interest rates as low as 0%.
The Propy blockchain keeps track of every step of the transaction and provides a technical and legal framework for buyers and sellers. According to Propy, whether the transaction is made in crypto, nonfungible tokens (NFT), or traditional fiat currency, the blockchain records it.
Crypto investors have limited access to mortgages
While early crypto investors have amassed significant wealth over time, they still have limited access to traditional financial products such as mortgages. Applications that use decentralized finance, or DeFi, are attempting to fill the void.
A new homeowner in Austin, Texas recently obtained a mortgage through USDC.homes, a crypto loan service based on Circle’s USD Coin (USDC).
Milo, a fintech company, is also offering cryptocurrency mortgages to homebuyers who want to use Bitcoin (BTC) as collateral.
Meanwhile, in September 2021, Bacon Protocol, a decentralized mortgage lender, launched a program that allows homeowners to exchange a lien on their property for an NFT that represents a percentage of the property they purchased.
About Propy
Propy, based in Silicon Valley, is on a mission to change the way people buy and sell houses. The company’s blockchain technology eliminates inefficiencies, streamlines everything from offer to closing to recording title, securely records everything, and allows buyers and sellers to use traditional financing, cryptocurrency, and non-traditional financing.
The World Economic Forum recognized the company as a Technology Pioneer. Propy has also raised over $16 million in venture capital, with Tim Draper and Michael Arrington among its backers.
About Abra
Abra is a leading platform for digital asset wealth management. The company’s mission is to assist in the creation of an open, global financial system that is accessible to all.
Hundreds of thousands of Abra users earn high yields on their crypto assets, trade over 100 different cryptocurrencies, and borrow dollars against their crypto holdings.
Abra was founded in 2014 by Bill Barhydt. Abra has processed over $1 billion in cryptocurrency-backed loans and paid out millions of dollars in interest to both retail and institutional customers. American Express, Blockchain Capital, Ignia, Digital Currency Group, HCM Capital, and Pantera Capital are among the investors in Abra.
