Propia Web3 pioneer and US-licensed leader in real-world asset title and escrow services, is pleased to announce the launch of its innovative service. Propy Crypto Escrow ServiceUsing coinbase prime Platform and Services. This innovative solution will transform the way high-value transactions such as real estate closings and M&A transactions are secured and completed using Bitcoin, Ethereum, and USDC.
In 2023, more than 50 million Americans owned or used cryptocurrencies. We know that over 400 million wallets around the world are actively using cryptocurrencies. As the next generation of wealth grows on-chain, these investors increasingly need services to use their wealth for real-world transactions. In the $43 trillion US real estate market in 2021 alone, cryptocurrencies helped more than 12% of US first-time home buyers afford to buy real estate. Redfin research.
Propy's new crypto escrow service allows Bitcoin and Ethereum holders to safely hold their crypto assets using Coinbase's custodial solution during the closing process, avoiding capital gains taxes and failed transactions. This eliminates the need for early conversion, which could expose you to repurchase risk if the
“The strength of Propy Crypto Escrow lies in its ability to protect funds during the closing process, providing unprecedented security for both buyers and sellers.” said Natalia Karayaneva, Propy CEO. “As the first U.S. licensed title company operating in the cryptocurrency space, we are committed to providing a seamless and secure closing experience. Using Coinbase’s trusted custody solution adds an extra layer of security. and ensure that your funds remain safe until the final stage of the transaction.”
Propy Crypto Escrow is made for Bitcoin and Ethereum holders who want to use their cryptocurrencies for big-ticket purchases like real estate. Real estate closings typically require a 30-day process, but during this period, buyers may be reluctant to exchange cryptocurrencies early, especially if the seller wants to receive dollars at closing . Exchanging cryptocurrencies prematurely may result in capital gains taxes or additional costs to buy back the cryptocurrencies later if the transaction does not go through.
Propy holds cryptocurrencies securely in escrow, allowing buyers to complete the exchange only at the close of the transaction. This minimizes risk and streamlines the entire process. U.S. license title and escrow companies often lack the infrastructure to accept and manage cryptocurrencies in escrow, but Coinbase Prime, chosen by Propy, provides secure storage and support upon transaction completion. We bridge this gap by ensuring smooth conversion to fiat currencies.
Mike Piwawar, former U.S. Securities and Exchange Commission Commissioner and Propy board member, said: “This collaboration between Web3 leaders Propy and Coinbase represents a major step forward in innovation that will deliver tangible benefits to everyone involved in real estate.”
Propy's crypto escrow service is powered by Coinbase Prime, along with Propy's advanced closing protocol, Propy's title and escrow agency, and provides a secure and transparent frame for processing high-value transactions paid in Bitcoin, Ethereum, or USDC. Create the work. The process mirrors a traditional real estate closing, but seamlessly adapts to the Web3 world, providing users with a compliant and user-friendly experience.
