In April 2022, Cointelegraph reported Abra’s partnership with blockchain real estate platform Propy, which helps home buyers get easier access to capital.
Abra and Propy Partnership — Purchase A Home with Crypto Collateral
Propy is a platform that enables real estate agents, buyers, and sellers to set up faster, simpler, and safer transactions. Abra is a platform that enables users to trade, generate yield on, and borrow cryptocurrency.
As a result of this partnership, the process of obtaining a loan that can help pay for a home is more fair, flexible, and efficient. Abra Borrow, Abra’s flagship cryptocurrency loan product, now allows customers to use crypto as collateral to access capital that can be used for real estate purchases. This is not a mortgage lending product. The house is not collateral for the loan, the crypto is!
The Abra-Propy partnership is a major step in bridging the gap between crypto and real estate. Now, long-term crypto holders can leverage their existing cryptocurrency balances to purchase homes without having to sell their digital assets.
5 Ways Blockchain & Crypto Streamline Home Purchases
- Most banks won’t recognize crypto when determining whether someone qualifies for a mortgage. Crypto loans help to integrate digital assets into the real-world economy.
- Crypto loans make it easier to process credit transactions in countries where banking infrastructure, such as credit scoring systems, doesn’t exist. Unlike banks, blockchains process transactions 24/7, 365, including weekends and holidays.
- Using universally-accepted currencies — cryptocurrencies — creates a more streamlined experience for real estate transactions. This improves cross-border payments and reduces foreign exchange (forex) fees. For example, Abra Borrow users can use BTC or ETH as loan collateral and receive loan payouts in stablecoins (USDC, TUSD, or USDP). Users then have the option to convert those funds to fiat and transfer them to their bank accounts.
- Blockchain is the ultimate technology for financial transaction transparency. Data secured by a blockchain can’t be altered or removed. Multiple agents/brokerages can use a blockchain as the sole source of truth for data records (i.e., timestamps of document signatures and transactional details).
- Smart contracts provide an automated system for real estate transactions, which removes the requirement to have a trusted third party (i.e. a traditional bank) involved in the loan approval process.
Get a Crypto Loan through Abra Borrow
Download the Abra app today and apply for a crypto loan with Abra Borrow. We offer crypto loans starting as low as 0% APR and speedy loan approval with no credit history checks.
If you need help applying for a crypto loan, check out our Abra Borrow support guide for step-by-step instructions.Sign Up Now
Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
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