Propy Launches Blockchain-based Title and Escrow Services

June 7, 2022

Miami-based Propy recently launched title and escrow services on blockchain for residential real estate transactions in Florida, Arizona and Colorado.

Agents in these states can manage sales on Propy's platform from offer to close, according to the company.

"We had already built the next-generation closing platform in which smart contracts play the role of the escrow and title is recorded on the blockchain," said Propy's founder and CEO Natalia Karayaneva. "Launching the escrow and title business now brings us closer to our dream of closing more and more transactions in a secure blockchain environment."

The company plans to make title and escrow services available in all states within 24 months.

According to Propy, its platform has facilitated $4 billion of real estate transactions in the United States.

"One of the greatest challenges in the title and escrow industry is wire fraud. With blockchain technology and security, wire fraud is virtually impossible," said Anna Atencio, CEO of Propy Title, "Imagine the benefit for all parties of a transaction having full transparency of what is being delivered at each step of the transaction, and to the deed being recorded both on the blockchain and with the local county."

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