Abra and Propy announced a partnership that will allow Propy customers to purchase real estate by securing a loan with Abra Borrow
Abra & Propy Crypto Real Estate Loans
Propy, a blockchain real estate company, has collaborated with Abra to allow customers to acquire house loans using their crypto holdings, possibly increasing the financial use cases of digital assets. Propy clients may now use cryptocurrencies as collateral for real estate transactions using Abra Borrow, a cryptocurrency lending and lending service. Crypto collateral promised on Abra is used to loan US money, which may subsequently be used to purchase a property.
Real estate brokers, buyers, and sellers are more and more informed about the role of digital assets in real estate purchases as material wealth continues to shift towards digital assets. Propy streamlines the real estate transaction process by allowing buyers and sellers to deal exclusively on the blockchain, which serves as both the technological and legal underpinning for any acquisition.
Abra Borrow enables you to loan USD virtually instantaneously by using cryptocurrency as collateral, with customizable payback terms and interest rates as low as 0%. The Propy blockchain records every stage of the transaction and offers buyers and sellers with a technological and legal foundation. According to Propy, if the transaction is conducted in crypto, non-fungible tokens (NFT), or ordinary fiat cash, it is recorded on the blockchain.
As early cryptocurrency investors amassed enormous money over the years, their availability to traditional financial instruments such as loans remains restricted. Decentralized financial apps, or DeFi, are seeking to fill the hole.
Bill Barhit, founder and CEO of Abra, said: “While investment in digital assets has skyrocketed, most investors are unable to use their crypto holdings to directly fund the most important purchase of their life, the home. Our partnership with Propy solves this problem and promises to be a success. 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 greater financial flexibility and by bringing crypto banking into the mainstream real estate market.”
Natalia Karayaneva, Founder and CEO of Propy, added: “Having Propy become the first company to process a real estate transaction as an NFT, and the first real estate platform capable of completing the transaction from offer to closing, it was important for us to find a partner that could offer a highly reliable crypto-secured lending solution. Propy, Abra’s impressive borrowing platform, track record, and customer first mindset makes it a natural fit as a partner. We look forward to working with the Abra team to expand financing options for the property ecosystem.”