Propy Partners With Abra to Provide crypto-backed home loans

Blockchain real estate platform Propy partnered with Abra to enable customers to obtain home loans using their cryptocurrency assets as collateral.

Bishal Kumar Chanda2 min read
Propy Partners With Abra to Provide crypto-backed home loans

Blockchain real estate platform Propy partnered with Abra to enable customers to obtain home loans using their cryptocurrency assets as collateral. Through Abra's crypto lending and borrowing service, Propy users can now use digital assets as collateral for real estate purchases.

Abra Borrow allows buyers to borrow United States dollars against crypto collaterals, which can be applied to home purchases.

The Propy blockchain acts as a technical and legal framework for buyers and sellers by recording the entire transaction process. According to Propy, it registers all transactions made in crypto, NFTs, or traditional fiat currencies.

Propy founder and CEO Natalia Karayaneva stated that after becoming "the first company to process a real estate transaction as an NFT," it was essential to look for a partner platform with a "highly reliable crypto collateralized lending solution,"

Abra is an impressive platform with a proven track record and a customer-first mindset that makes it a natural fit.

In February, Propy sold its first NFT-backed property, a 2,164-square-foot house in Gulfport, Florida. Furthermore, it went for $653,000 (210 ETH) at auction, and the winning bidder was awarded an NFT as proof of ownership.

About Blockchain Real Estate Platform Propy

Founded in Silicon Valley, Propy aims to revolutionize the residential real estate sales process using blockchain technology. With blockchain removing the inefficiencies, Propy streamlines everything from the offer to closing. In addition, it records everything securely, allowing buyers and sellers to use cryptocurrencies, NFTs, and traditional financing. The company has raised over $16 million in venture capital and is backed by Tim Draper and Michael Arringto. Also, the World Economic Forum awarded Propy the title of a "Technology Pioneer."

About Crypto Lending and Borrowing Platform Abra Borrow

Founded in 2014, Abra Borrow is a leading crypto-focused wealth management platform. Users can generate high yields, borrow dollars against their crypto assets, and trade in over 100 different cryptocurrencies. Moreover, Abra has processed over $1 billion in crypto-backed loans and paid millions in interest payments. In addition, Abra has the backing of several major companies like Amex Ventures, American Express' venture capital arm.

Final Say

While crypto assets have skyrocketed in recent years, most crypto investors had limited access to traditional financial products like mortgages. Crypto lending and borrowing platforms are trying to fill the void. In fact, mortgage companies are also tapping into the emerging crypto lending and borrowing market. A few months back, Fintech startup Milo also announced offering crypto mortgages to home buyers against Bitcoin (BTC) collaterals.

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