Propy Enables Crypto-Backed Real Estate Transactions with Abra Partnership
Blockchain real estate startup Propy has teamed with wealth management cryptocurrency platform Abra to bridge the gap between crypto and real estate.
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.
Founded in 2014, Abra’s users earn high yield on their crypto assets, trade over 100 different crypto currencies and borrow dollars against crypto holdings. Abra has processed over 1 billion dollars in crypto backed loans and has paid millions of dollars in interest payments to retail and institutional clients alike. Abra is headquartered in Silicon Valley with offices around the globe.
The partnership with Abra will enable Propy customers to buy real estate by securing a loan using their digital assets as collateral with Abra Borrow, which makes it easy to use crypto as collateral to borrow US dollars with flexible repayment terms and interest rates as low as 0%. Meanwhile, Abra Borrow users can seek Propy certified real estate agents to help them buy or sell property, including making down payments on mortgages.
“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 for us to find a partner who could deliver a highly reliable crypto collateralized lending solution. Abra’s impressive borrowing platform, proven track record, and customer-first mindset make it a natural fit as a partner,” said Natalia Karayaneva, founder and CEO of Propy. “We look forward to working with the Abra team to expand financing options for the real estate ecosystem.”
“While digital asset investment has skyrocketed, most investors are unable to use their cryptocurrency holdings to directly fund the most important purchase in their life, a home. Our partnership with Propy solves this and is a major step in bridging the gap between crypto and real estate,” said Bill Barhydt, founder and CEO of Abra. “Together with Propy, we aim to improve lives by supercharging the real estate industry with more financial flexibility and by bringing crypto banking to the mainstream real estate market.”
