Propy has launched another facet of its blockchain-based transaction service to make it easier for homes to change hands via cryptocurrency, Propy Crypto Escrow Service.
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Propy has launched another facet of its blockchain-based transaction service to make it easier for homes to change hands via cryptocurrency, Inman has learned.
Propy Crypto Escrow Service will leverage the security and accessibility of the Coinbase Prime platform, according to an Oct. 24 press release, as well as focusing on those who hold funds in Bitcoin and Ethereum, the industry’s two most common forms of secure digital currency.
“This revolutionary solution is set to transform the way high-value transactions — such as real estate closings and M&A deals — are secured and completed using Bitcoin, Ethereum or USDC,” the press release stated.
USD Coin is a cryptocurrency that is backed, or “pegged,” to the U.S. dollar, a form of “stablecoin” so named because it’s not subject to the mercurial nature of traditional cryptocurrencies, not unlike the way the U.S. dollar was once backed by gold.
Bitcoin is the most popular brand of cryptocurrency, and Ethereum is a blockchain-supported smart contract transaction platform.
According to Propy, exchanging crypto prematurely can result in capital gains taxes or additional costs for repurchasing the cryptocurrency later if the deal doesn’t go through. Thus, holders can release their funds immediately when necessary, and it empowers more traditional title and escrow organizations to manage a crypto-based home sale. Everything is tracked and held securely onchain, ensuring all parties are notified as needed and historically tied to the deal.
Propy most recently announced a partnership with inspection solution Inspectify, Inman reported. It launched its title and escrow services two years ago.
About its latest update, Propy CEO Natalia Karayaneva said in the release that much of what her company does is advance the security of the traditional home sale.
“The strength of Propy Crypto Escrow lies in its ability to safeguard funds during the closing process, offering unprecedented security to both buyers and sellers,” said Karayaneva. “As the first US-licensed title company to operate in the crypto space, we are committed to providing a seamless and protected closing experience. With Coinbase’s trusted custody solution, we add an extra layer of security, ensuring funds are held securely until the final stages of the transaction.”
Propy claims that more than 50 million Americans held or used a form of cryptocurrency in 2023 and that 400 million wallets, or digital accounts that store and provide access to cryptocurrency, are active around the world.
Karayaneva founded California-based Propy in 2016, and she contributes educational essays on Web3, cryptocurrency and the uses of blockchain for Inman.
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