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Propy Teams With Abra to Offer Property Purchases Backed by Crypto

Earlier this year Propy sold an NFT-backed home for $650,000.

By Michael Bellusci
AccessTimeIconApr 28, 2022 at 12:30 p.m. UTC
Updated May 11, 2023 at 6:45 p.m. UTC
Abra CEO Bill Barhydt appears on CoinDesk TV (CoinDesk TV screenshot)
Abra CEO Bill Barhydt appears on CoinDesk TV (CoinDesk TV screenshot)
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Customers of blockchain real estate platform Propy can now secure a home loan using cryptocurrency as collateral after the company’s partnership with digital wealth manager Abra.

  • The Abra Borrow platform is intended to allow customers to use crypto as collateral, with flexible repayment terms and interest rates as low as 0%, according to a statement announcing the partnership.
  • “While digital asset investment has skyrocketed, many investors are still unable to use their cryptocurrency holdings to directly fund the most important purchases in life like property,” said Abra CEO Bill Barhydt. “Our partnership with Propy solves this and is a major step in bridging the gap between crypto and real estate.”
  • In February Propy sold its first NFT-backed property – a 2,164-square-foot house in Gulfport, Florida – for $653,000 (210 ETH) at auction, with the winning bidder being awarded a non-fungible token (NFT) as proof of the home’s ownership.
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    • Read more: NFT-Linked House Sells for $650K in Propy’s First US Sale

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter

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