Propy to launch crypto-backed mortgage for tokenized Hawaii condo

Hawaii-based real estate firm Propy is introducing a groundbreaking crypto-backed mortgage tied to a tokenized condo in Honolulu, Hawaii, priced at $250,000, CoinDesk reported. Buyers can secure loans with 100% collateral in Bitcoin (BTC) or Ethereum (ETH), pledging the property as well. The two-year loans feature a 10% annual interest rate, with payments accepted in BTC, ETH, or USDC. The sale, scheduled for Jan. 29, leverages blockchain for instant loan processing and ownership updates. This initiative aims to demonstrate blockchain’s potential to revolutionize the $300 trillion real estate market.