Propy Launches Crypto Escrow Service, Selects Coinbase Prime for Crypto Prime Services
A Secure Solution for Real Estate and High-Value Transactions Using Bitcoin and Ethereum
MIAMI BEACH, Fla., Oct. 24, 2024 /PRNewswire/ — Propy, a Web3 pioneer and US-licensed leader in title and escrow services for real-world assets, is excited to announce the launch of its innovative Propy Crypto Escrow Service, utilizing the Coinbase Prime platform and services. 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.
Over 50 million Americans held or used crypto in 2023; we know more than 400 million wallets actively use crypto globally. As the next generation of wealth grows onchain, these investors increasingly need services to use their wealth for real-world transactions. In the $43 trillion US real estate market in 2021 alone, crypto helped more than 12% of first home buyers in America to afford real estate purchases as per Redfin research.
Propy’s new crypto escrow service enables Bitcoin and Ethereum holders to securely hold their crypto funds with the Coinbase custody solution during the closing process, eliminating the need for early conversions that may trigger capital gains taxes or expose them to repurchase risks if the deal falls through.
“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 Natalia Karayaneva, CEO of Propy. “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 Crypto Escrow is tailored to Bitcoin and Ethereum holders looking to use their cryptocurrency for high-value purchases, such as real estate. Typically, real estate closings involve a 30-day process, during which time buyers may be reluctant to exchange their crypto early, especially if the seller prefers to receive dollars at closing. Exchanging crypto prematurely can result in capital gains taxes or additional costs for repurchasing the cryptocurrency later if the deal doesn’t go through.
By holding crypto securely in escrow, Propy allows buyers to complete the exchange only at the end of the transaction when the deal closes. This minimizes risk and streamlines the entire process. Licensed title and escrow companies in the US often lack the infrastructure to accept and manage cryptocurrency in escrow, but Propy’s selection of Coinbase Prime bridges this gap by ensuring secure custody and smooth conversion to fiat at closing.
Mike Piwowar, former Commissioner at the U.S. Securities and Exchange Commission and Propy Board Member said: “This collaboration between Web3 leaders Propy and Coinbase represents a major step forward in innovations that yield tangible benefits for everyone involved in real estate.”
Propy’s crypto escrow service, powered by Coinbase Prime, along with Propy’s advanced closing protocol, and Propy’s Title and Escrow Agency, creates a secure and transparent framework for handling high-value transactions paid in Bitcoin, Ethereum, or USDC. The process mirrors traditional real estate closings but adapts seamlessly to the Web3 world, offering users a compliant and user-friendly experience.
About Propy
Propy is the leading AI and blockchain-powered real estate platform, simplifying the buying and selling of property and bringing real estate transactions online securely and efficiently, from offer to close. In 2017, Propy introduced smart contracts for real estate closing, making the process faster, easier, and more secure for purchase participants, while also helping real estate agents and title companies migrate to closing on blockchain. More than $10 billion worth of U.S. homes have already been minted in the Propy ecosystem. Brokerages nationwide trust Propy’s SaaS platform for its automated notifications, e-signatures, analytics, and compliance tracking, ensuring property deals are closed in a seamless, fast, and cost-effective manner. Propy also provides educational material, step-by-step guides, and certifications to modern real estate professionals. For more information, visit Propy.
For media contact: Matt Brannon; matt.brannon@wachsman.com
SOURCE Propy
