Propy has launched another part of its blockchain-based transaction service to make it easier for households to change hands with cryptocurrency, the Propy Crypto Escrow Service.
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Propy launched another part of its blockchain-based transaction service to make it easier for households to change hands with cryptocurrency, Inman learned.
Propy Crypto Escrow Service will improve the security and accessibility of the Coinbase Prime platform, according to Oct. 24 press release, and focusing on those holding funds in Bitcoin and Ethereum, two of the most common forms of secure digital currency.
“This revolutionary solution is set to revolutionize the way high-value transactions – such as real estate closings and M&A deals – are secured and completed using Bitcoin, Ethereum or USDC,” the press release said.
USD Coin is a cryptocurrency backed, or “pegged,” to the US dollar, a type of “stablecoin” so named because it is not in the nature of a traditional cryptocurrency, unlike the way the US dollar was once backed. gold.
Bitcoin is the most popular cryptocurrency, and Ethereum is a blockchain-backed smart contract transaction platform.
According to Propy, exchanging crypto early can result in capital gains taxes or additional costs for repurchasing the cryptocurrency later if the deal doesn’t go through. Therefore, owners can release their funds quickly if necessary, and it enables more traditional organizations and escrow to manage crypto-based home sales. Everything is tracked and stored securely onchain, ensuring that all parties are informed as needed and bound to the agreement historically.
Propy recently announced a partnership with testing solution Check, reports Inman. It launched its title and escrow services two years ago.
Regarding its latest update, Propy CEO Natalia Karayaneva said that many of the releases her company is doing are to improve the security of traditional home sales.
“The strength of Propy Crypto Escrow lies in its ability to protect funds during closing, providing unprecedented security for both buyers and sellers,” Karayaneva said. “As the first US-licensed company to operate in the crypto space, we are committed to providing a seamless and secure closing experience. With Coinbase’s trusted security solution, we add an extra layer of security, ensuring funds are kept safe until the final stages of transactions. “
Propy says that more than 50 million Americans will hold or use some form of cryptocurrency by 2023 and that 400 million wallets, or digital accounts that store and provide access to cryptocurrency, are active around the world.
Karayaneva founded California-based Propy in 2016, and contributes educational articles on Web3, cryptocurrency and blockchain applications for Inman.
Email Craig C. Rowe
