Propy, which claims to be the “premier” blockchain powered, real estate transaction and offer platform, and Abra, a digital asset wealth management platform, have announced a partnership that will “enable Propy customers to buy real estate by securing a loan using their digital assets as collateral with Abra Borrow.”
As the financial industry continues to adopt blockchain tech and cryptocurrencies, real estate agents, buyers and sellers are “becoming more knowledgeable about the value of digital assets.”
Propy simplifies the real estate transaction process “by empowering buyers and sellers to transact entirely on the blockchain via traditional, crypto or non-fungible token (NFT) transactions that serve as the technological and legal framework for any purchase.”
Within minutes, Abra Borrow makes it “easy to use crypto as collateral to borrow US dollars with flexible repayment terms and interest rates as low as 0%.”
Via its partnership with Abra, Propy customers can now easily “borrow against their crypto holdings to take out a home loan using Abra Borrow.”
Meanwhile, Abra Borrow users can “seek Propy certified real estate agents to help them buy or sell property, including making down payments on mortgages.”
Natalia Karayaneva, founder and CEO of Propy, stated:
“After Propy became the first company to process a real estate transaction as an NFT, and the first real estate platform able to complete a transaction from offer to close, it was important that we find a crypto-focused partner who could help deliver even more value to our customers. Abra’s impressive borrowing platform, proven track record, and customer-first mindset make it a natural fit as a partner. We look forward to working with the Abra team to expand financing options for the real estate ecosystem.”
Bill Barhydt, founder and CEO of Abra, said:
“While digital asset investment has skyrocketed, many investors are still unable to use their cryptocurrency holdings to directly fund the most important purchases in life like property. Our partnership with Propy solves this and is a major step in bridging the gap between crypto and real estate. Together with Propy, we aim to improve lives by supercharging the real estate industry with more financial flexibility and by bringing crypto to the mainstream real estate market.”
As noted in an update shared with CI, Propy, founded in Silicon Valley, is “on a mission to revolutionize the residential real estate sales process.”
The company’s blockchain innovation “removes inefficiencies, streamlines everything from offer to closing to recording title, records everything securely, and enables buyers and sellers to use traditional financing, cryptocurrency and NFTs.”
The company was “awarded as a Technology Pioneer by the World Economic Forum. Propy has also raised over $16 million in venture capital and is backed by the likes of Tim Draper and Michael Arrington.”
As covered, Abra claims to be “a leading digital asset wealth management platform. The company’s vision is to help create an open, global financial system that is easily accessible to everyone.”
Founded in 2014 by Bill Barhydt, Abra’s hundreds of thousands of users “earn high yield on their crypto assets, trade over 100 different cryptocurrencies and borrow dollars against crypto holdings.”
Abra has “processed over $1 billion in crypto-backed loans and has paid millions of dollars in interest payments to retail and institutional clients alike.”
Abra’s investors “include American Express, Blockchain Capital, Ignia, Digital Currency Group, HCM Capital, and Pantera Capital, among others.”