Propy, a blockchain real estate platform, has teamed up with Abra to allow consumers to acquire house loans using their cryptocurrency holdings, possibly boosting the financial use cases of digital assets.
Propy clients may now use digital assets as collateral for real estate transactions using Abra Borrow, a cryptocurrency lending and borrowing service. The crypto collateral promised on Abra is used to borrow US cash, which may subsequently be utilised to purchase a property.
The Propy blockchain tracks the whole transaction process and serves as the technological and legal basis for sellers and buyers. According to Propy, the blockchain tracks the transaction regardless of whether it is conducted in crypto, non fungible tokens (NFT), or regular fiat cash.
About Abra
Abra is a cryptocurrency-focused wealth management service that has existed since 2014. Users may earn interest on their cryptocurrency holdings, borrow money against them, and exchange digital assets on the site. Amex Ventures, American Express’ venture capital arm, invested in Abra’s $55 million Series C fundraising round in September 2021.
While early crypto investors amassed enormous money over the years, their access to standard financial instruments such as mortgages remains low. Decentralized financial, or DeFi, apps are seeking to fill the hole. According to the source, a new homeowner in Austin, Texas recently acquired property using a mortgage secured by USDC.homes, a crypto lending business based on Circle’s USD Coin (USDC).
If you're buying a home in the future, you'll probably be using NFTs. Here's how crypto is changing real estate in the meantime. https://t.co/jiLT9Uojvd
— Cointelegraph (@Cointelegraph) February 19, 2022
