Tokenized Real Estate Gains Momentum With Hawaii Onchain Sale

Propy has unveiled an innovative instant onchain loan feature, designed to facilitate the acquisition of tokenized real estate in Hawaii.

Propy, a leading platform for tokenized real estate, has announced an innovative instant onchain loan feature to streamline the acquisition of tokenized real estate in Hawaii.

Bitcoin.com News recently covered Propy's launch of this financing solution during the tokenized sale of a Honolulu condominium, scheduled for Jan. 29. This initiative will enable buyers to utilize cryptocurrency, together with the property itself, as collateral for these loans, which will be processed in real-time.

According to the company, the loan employs a dual-collateral mechanism, requiring both bitcoin (BTC) or ethereum (ETH) and the acquired property to serve as security for the loan. Once the 10% interest loan is fully repaid, the buyers can reclaim their crypto assets. Propy highlighted that the entire process, from loan approval to ownership transfer, will be recorded onchain, eliminating the delays inherent in traditional escrow systems.

The firm noted that the condominium, located at 410 Atkinson Drive in Honolulu and priced at $250,000, marks Hawaii's first onchain real estate transaction. The tokenized asset boasts beach access and premium amenities, including a pool, fitness center, and concierge services.

Propy's platform leverages blockchain technology to enhance real estate transactions. By removing intermediaries such as escrow and title services, the company streamlines the buying process and strengthens security. Moreover, Propy provides digital tools for identity verification, document review, and property bidding, all accessible online.

This sale marks Propy's entry into the Hawaiian market and exemplifies the increasing convergence of blockchain with traditional real estate markets. To date, the company claims to have facilitated over $10 billion in tokenized property transactions.