Propy launches Title & Escrow on Blockchain and closes the loop by enabling end-to-end door-to-door sales online
Click, click, close
For decades, the real estate industry has been talking about the idea of transactions that are simpler, more automated, more transparent and with fewer dependencies and people involved. So far, only parts of the transaction have been fully digitized, taking advantage of algorithms and automation.
Propy adds title and escrow services to its platform, follows the company’s overall vision of a click-to-close reality for buyers and sellers.
“We had already built the next-generation closeout platform where smart contracts play the role of escrow and the title is registered on the blockchain,” said Propy founder and CEO. Natalia Karayaneva. “The launch of escrow and securities now brings us closer to our dream of closing more and more transactions in a secure blockchain environment.”
The company plans to make title and escrow services available in all states within 24 months.
The Propy platform has facilitated $4 billion value of real estate transactions in the United States
Real estate agents use Propy’s platform to manage offers and transactions, and allow their clients to see in real time what is happening with their purchase or sale.
“One of the biggest challenges in the title and escrow industry is electronic fraud. With blockchain technology and security, electronic fraud is virtually impossible,” said Anna AtencioCEO of Propy Title, “Imagine the benefit to all parties of a transaction having full transparency of what is being delivered at every stage of the transaction, and the deed being recorded both on the blockchain and with the county local.”
Opening the door to crypto and NFTs
Another innovative aspect of Propy’s technology is its ability to facilitate transactions using both traditional means (cash and mortgages) and modern forms of payment and ownership like cryptocurrency and non-fungible tokens (NFTs). ).
In February and March, Propy sold the first real estate NFTs in the United States
“We’ve eliminated the ‘worry and wonder’ associated with the buying process,” says Karayaneva. “Because the process is transparent, interested buyers and their agents were able to see bid activity and adjust their bids accordingly. They were able to complete a transaction instantly.
Propy Title handles both wire and ACH dollar payments, and crypto payments, and provides live close tracking.
Propy recommends consumers to real estate agents who use the Propy closing platform without charging a referral fee and is launching a new consumer app and a new agent app in September.
Propy, founded in Silicon Valley, is on a mission to revolutionize the process of selling residential real estate. The company’s blockchain innovation eliminates inefficiencies, streamlines everything from offering to title registration, records everything securely, and allows buyers and sellers to use traditional financing, dollar payments or cryptocurrency, or NFT-ed property sales. The company has processed $4 billion in transactions and recorded them on the blockchain.