Propy Teams With Abra to Offer Property Purchases Backed by Crypto

Earlier this year Propy sold an NFT-backed home for $650,000.

AccessTimeIconApr 28, 2022 at 12:30 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

Customers of blockchain real estate platform Propy can now secure a home loan using cryptocurrency as collateral after the company’s partnership with digital wealth manager Abra.

  • The Abra Borrow platform is intended to allow customers to use crypto as collateral, with flexible repayment terms and interest rates as low as 0%, according to a statement announcing the partnership.
  • “While digital asset investment has skyrocketed, many investors are still unable to use their cryptocurrency holdings to directly fund the most important purchases in life like property,” said Abra CEO Bill Barhydt. “Our partnership with Propy solves this and is a major step in bridging the gap between crypto and real estate.”
  • In February Propy sold its first NFT-backed property – a 2,164-square-foot house in Gulfport, Florida – for $653,000 (210 ETH) at auction, with the winning bidder being awarded a non-fungible token (NFT) as proof of the home’s ownership.

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Michael Bellusci is CoinDesk's crypto payments reporter.

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Michael Bellusci is CoinDesk's crypto payments reporter.

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