The real estate marketplace Propy announced that it is now accepting XRP as payment method. Propy already accepts Bitcoin and Ethereum as payment methods for property in California, the company’s first goal market. XRP will solve one of the key problems highlighted in Propy’s white paper: transaction speed.

Screenshots of Propy's sale of 27 acre property

Propy now accepts XRP for this 27 acre property in California

Ripple responded:

Tweet by Ripple on May 25 2018: ''New and exciting business use cases for #XRP emerging every day. We're happy to see @PropyInc add the digital asset as option for home buyers around the world.''

Ripple is always happy with new use cases for XRP

More about Propy

Propy is innovating by using smart contracts on blockchain to facilitate transactions in real estate. It is a global real estate marketplace with a decentralized title registry that tackles many of the problems that sellers, buyers, lawyers and notaries public face in cross-border real estate transactions.

We aim to solve the problems facing international real estate transactions by creating a novel unified property store and asset transfer platform for the global real estate industry.

– Propy

According to Propy’s white paper, the demand for cross-border real estate transactions went from 65 billion to 340 billion dollars in a span of seven years. Global real estate transaction volumes grew by 15% year to year for Q1 2018, increasing to $165 billion USD according to JLL. ”We believe this market should be and can be much, much larger.”, reads Propy’s white paper from July 2017.

Ultimately, the Propy Registry will make it possible for every single step of a real estate transaction, from the buyer’s reservation of the property to the signing of the purchase agreements for the delivery of the title deeds, to be recorded on blockchain and executed with smart contracts.

– Propy

In the beginning, Propy’s ledger will have the exact same data as the land registry. The company envisions a future where governments will adopt Propy’s registry as an official record. The platform seeks to link buyers, sellers, investors and property registries globally. Propy is available through a DApp (decentralized application) with a centralized interface that will eventually turn into a P2P decentralized network where most of the intermediaries involved in property transactions will be unnecessary.

Find out more in Propy’s website.

Crypto enthusiast, writer and editor.