Propy Launches On-Chain Loan Feature for Tokenized Real Estate in Hawaii
Propy has introduced a groundbreaking on-chain loan feature, enabling the purchase of tokenized real estate in Hawaii, starting with a Honolulu condominium sale on January 29. This move aims to allow buyers to use cryptocurrency as collateral for acquiring property, streamlining the real estate process with instant loans processed in real-time.
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The new loan system incorporates a dual-collateral mechanism, where both bitcoin (BTC) or ethereum (ETH) and the property itself serve as security. Once the loan with a 10% interest rate is repaid, buyers can recover their crypto assets. All transactions, from loan approval to property transfer, will be recorded on the blockchain, eliminating the need for traditional escrow systems.
The Honolulu condominium, located at 410 Atkinson Drive and priced at $250,000, marks the first on-chain real estate transaction in Hawaii. This tokenized property offers premium amenities such as beach access, a pool, a fitness center, and concierge services.
Propy’s use of blockchain technology is transforming the real estate landscape by cutting out intermediaries like escrow and title companies, enhancing security, and simplifying the transaction process. The platform also provides digital tools for identity verification, document reviews, and property bidding, all online.
With over $10 billion in tokenized property transactions to date, Propy’s expansion into Hawaii is a significant step toward bridging blockchain and traditional real estate markets.
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