Propy introduces instant onchain loans, allowing buyers to use cryptocurrency and tokenized properties as collateral in Hawaii.
Revolutionizing Real Estate with Blockchain Technology
Propy has announced an innovative instant onchain loan feature that simplifies the purchase of tokenized real estate. This new offering coincides with the sale of a Honolulu condominium on January 29. Buyers can use Bitcoin (BTC) or Ethereum (ETH) alongside the property as collateral, with loans processed in real-time.
Dual-Collateral Loans for Crypto and Real Estate
The financing mechanism uses a dual-collateral system, requiring cryptocurrency and the acquired property as security. Once buyers fully repay the 10% interest loan, they regain their crypto assets. Propy ensures the entire transaction—from loan approval to ownership transfer—is recorded onchain, eliminating the delays of traditional escrow processes.
Hawaii’s First Onchain Real Estate Sale
The condominium, located at 410 Atkinson Drive in Honolulu and priced at $250,000, represents Hawaii’s first tokenized real estate transaction. The property boasts beach access, a pool, a fitness center, and concierge services.
Streamlining Transactions with Blockchain
Propy leverages blockchain technology to enhance security and efficiency in real estate transactions. The platform removes intermediaries like escrow and title services, offering a streamlined buying experience. Additional features include digital tools for identity verification, document processing, and online property bidding.
Blockchain Meets Traditional Real Estate Markets
This sale highlights Propy’s entry into Hawaii and the growing integration of blockchain with traditional real estate. According to Propy, the platform has facilitated over $10 billion in tokenized property transactions, demonstrating the increasing demand for blockchain-based real estate solutions.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
