The new way to purchase property using both cryptocurrency and real estate as collateral is offered in the first tokenized sale of a Hawaiian condominium
Propy, a company transforming how people buy and own real estate, is introducing a new financing option that allows buyers to purchase real estate using both cryptocurrency and the property itself as collateral. This innovative loan will debut during Propy’s upcoming sale of a tokenized Hawaiian condominium on January 29—the first such sale in the state. The loan will be processed instantly–eliminating the standard 30-day escrow period–and allows buyers to reclaim their cryptocurrency upon completing repayment, letting digital asset holders leverage their tokens for real estate investment, while still maintaining their cryptocurrency.
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The loan will be double collateralized–with the property itself serving as half the collateral, and the other half provided in bitcoin or ethereum–and will offer a 10% interest rate. The agreement will be processed instantly and recorded securely onchain.
“This isn’t just a milestone; it’s a glimpse into the future of real estate,” said Natalia Karayaneva, CEO of Propy. “We’re demonstrating how blockchain technology can simplify home buying, replacing the traditionally lengthy loan approval process with an instant, efficient solution.”
The unique fundraising option will be available during Propy’s January 29 sale of a $250,000 condominium in Hawaii, where a token will represent the real estate in the state’s first onchain sale. The Hawaii property, which is located at 410 Atkinson Drive in Honolulu, includes prime beach access and premium hotel amenities, including a pool, fitness center, and concierge service.
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Propy, which is licensed as a title company in Florida, Colorado and Arizona, brings disparate elements of the home buying process onchain to make buying real estate simple and stress-free. Propy’s smart-contract-powered approach eliminates the need to pay attorney and brokerage fees, and banishes the costs associated with title and escrow services. Buyers can also use Propy to view inspection reports and legal documents, complete identity verification, and bid on properties in real time. When a sale is completed, Propy records ownership securely on the blockchain, reducing fraud risk, simplifying transfers, and enabling future opportunities like borrowing against the property’s value. Leveraging Propy’s platform, homebuyers are able to complete steps in the home buying process completely online and in a matter of minutes–not a matter of days.
Propy’s expansion to Hawaii comes as blockchain technology becomes increasingly enmeshed with our traditional systems, and showcases how blockchain platforms can navigate regulatory and licensing hurdles to bring better financial tools to real communities. The sale marks a major step toward making blockchain technology an everyday tool for real estate buyers, offering tangible benefits to anyone seeking greater security, efficiency, and transparency in their transactions.
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Source – PR Newswire
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