Propy and Abra announced a partnership that will enable Propy customers to buy real estate by securing a loan using their digital assets as collateral with Abra Borrow. Propy enables real estate buyers and sellers to transact entirely on the blockchain. Abra Borrow allows buyers to use crypto as collateral to borrow U.S. dollars.
“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,” Propy founder and CEO Natalia Karayaneva said in a release. “Abra’s impressive borrowing platform, proven track record, and customer-first mindset make it a natural fit as a partner. We look forward to working with the Abra team to expand financing options for the real estate ecosystem.”
Through their partnership, Propy customers can borrow against their crypto holdings to take out a home loan using Abra Borrow, and Abra Borrow users can seek Propy certified real estate agents to help them buy or sell property, including making down payments on mortgages.
“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,” Abra founder and CEO Bill Barhydt said. “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.”