A Miami-based blockchain technology firm, Propy, is focused on modernizing the residential real estate transaction and closing process. The company recently secured a $100 million credit facility from the private investment firm Metropolitan Partners Group. Propy plans to use this new funding to develop AI-powered smart agents to facilitate real estate transactions.

Anyone who has bought or sold property is familiar with the lengthy and complex closing process. It involves outdated paper documents, requires multiple signatures from various parties, extensive disclosures, and numerous compliance forms. Although some steps have been digitized, the overall process remains largely traditional.

A new solution is emerging: moving the entire real estate transaction process onto the blockchain. Propy, founded in 2017 and headquartered in Miami, is dedicated to this modernization effort and has recently received significant financial backing. In late January, Propy announced it finalized a $100 million credit line from Metropolitan Partners Group. The company stated these funds will be used to integrate title companies and escrow agents, creating a fully integrated, AI-powered real estate closing platform.

Natalia Karayaneva, Founder and CEO of Propy, said, "We firmly believe blockchain is the next transformative wave following the internet. The internet enabled the flow of information; blockchain enables the flow of value. It already handles funds and treasury assets, but the real estate industry remains far behind."

She attributes this lag primarily to the industry's lack of understanding of blockchain technology. Blockchain functions as a vast, shared digital ledger that no single entity controls, where information, once recorded, cannot be altered.

"This technology allows for the permanent registration of property deeds and transaction records. The data is immutable, preventing transaction fraud at its root," Karayaneva stated.

Propy has already acquired four established title service companies, but transitioning their operations presents challenges.

"Employees at these traditional title companies often have significant concerns about AI. Post-acquisition, we provide offline training on AI, blockchain, and cryptocurrencies. We also offer specialized courses to train escrow officers on handling on-chain transactions. Once they are familiar with the process, transactions can proceed automatically and smoothly," Karayaneva explained.

She noted that property closings, which previously took weeks, can now be completed in just hours.

**Smart Agent Avery**

Propy will also use the new funding to develop an AI smart agent named Avery to assist with transactions. Avery can interact directly with clients 24/7, explaining Propy's business model and AI capabilities, and even maintains a social media presence on Instagram.

Avery monitors emails and transaction progress in real-time, extracts all key data, and automatically inputs it into the smart contract platform, while also supporting outbound call functionality.

"It's like an escrow officer who never sleeps," Karayaneva said, adding that many clients don't realize they are not interacting with a human. "It supports omnichannel communication, engaging with buyers, sellers, REITs, institutional clients, and partner service providers. It can also automatically request tasks like final mortgage payoffs from service providers."

**The GENIUS Act**

The passage of the GENIUS Act last year was a significant milestone for the blockchain industry. Karayaneva stated this act provides blockchain with legal and compliant status. It establishes regulatory rules for dollar-pegged stablecoins, requiring companies issuing such on-chain stablecoins to hold sufficient reserves in real U.S. dollars or low-risk secure assets as backing.

"For years, we have held the belief that real estate transactions can legally accept cryptocurrency payments and be compliantly recorded on the blockchain and in local government property registration systems. Because of this, more real estate companies and trusts are proactively approaching Propy," Karayaneva said. "This has also significantly increased interest from real estate developers."

Miami, where Propy is headquartered, has substantial demand from international property buyers, many of whom prefer using cryptocurrency for transactions.

Having grown up in the former Soviet Union and witnessed property seizures by the government, Karayaneva strongly believes blockchain technology can protect the rights of property buyers globally, especially in developing countries. The decentralized nature of blockchain allows for the creation of immutable property ownership records.

"Real estate is the world's largest and most important asset class, a fundamental pillar of democracy and capitalism. Moving these assets onto the chain is an inevitable trend. People should have control over their ownership records and hold them permanently in a decentralized manner," she stated.