Why Propy's Crypto Escrow with Coinbase is BIG for Real Estate with Natalia Karayaneva
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Well, well, I will be with a fascinating statistics, a survey that was done by red. In twenty and twenty two, eleven point six percent of home buyers in amErica use crypto for down payment during the last round.

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I'm your host, tony Edward. And my guess today is nata Carrier ea, who's the CEO of prop ati, is no stranger to the show. Atti is good to see you. Lots to talk about.

Good to see you, tony. Thank you so much for having .

again yeah absolutely. And uh, last week prop had an event uh it's your yearly web three restate summit. Uh tells about that how .

did you go yet was a fantastic experience two days here in miami, person were right after the elections. So we had thought leaders from economics, politics and technology, of course, all reflecting on the potential of the innovation here in the right. They specifically what will be happen with the procreative movement from space mineral rights uh and even right on this in the space. So IT was a tremendous conversation um premiere focused on property rights, not only the real estate. Uh so IT was a fascinating experience and um I in invite all of your um listeners to follow propped and our recordings of the summer that will be life very shortly oh yeah for sure.

So i'll linked to all of the website. Your channels is much more. And ah now the one of the reasons I should say the reason why I why I wanted to have you back on the podcast, there were some huge news over the past couple weeks in that was a crypto esco. You guys launch a crypto o esco with coin base prime. Tell us about that.

That's correct. Well, well, I will start with a fascinating statistics, uh, a survey that was done by ref in two thousand twenty two, eleven point six per cent of home buyers in amErica use critical for down payment during the last round wall. Now you can imagine that all those people who have generated wealth and crypto and wanted to have an exposure to real state, they had to first exit Price to and then by property.

So what this service allows is innovation. It's a cyp t to escort service with profit title which is license um and with coin base prime is a custody solution. We were able uh to uh offer this new product that allows the home buyer to actually um provide their crypto so that our crypto as row holds the crypt holding until the deal clothes and then converted if the seller prefers to receive dollars.

And in this scenario, sellers don't even have to know that it's a cyp to deal. And with eleven point six percent of those home buyers using crypto in america, I can imagine with the born that just have exploded these days, we would see probably twenty thirty percent of americans, the Young uh generation, getting into home ownership to utilize their services. So were very threal on on a timely manner. We have launched this uh service, which is of course, very comply and having a coin base to to integrate with our resolution。 It's a it's it's a big moments for us.

Oh, absolutely. And I love the the adoption right and the merging of crypto o into these traditional processes. I've gone to the home buying process multiple times. I know about the s grow and all these things. So um if I wanted to pay, let's say, all cash as sometimes people buy homes, all cash or they put a down payment and then they take out a mortgage so I can use the the esco service in both cases.

Yes, that's correct. So uh so far our title escrow service service about ninety five percent of traditional um closings. Uh so we're growing tremendously were doubling our volume and rosy transactions every quarter. Uh because the Normal consumer, the non crypto native user, loves how we have automated the closing process and they just deal with fear with the banks.

We have online banking integrated uh the love that we have you can check IT out on on google reviews five stars point nine amazing amazing reviews and feedback um and they don't even have to understand that we use A I or block in the back end. Uh so that that has been our path of uh very stable growth and achieving profitability this year. But then the clipton native consumer, this community is growing to tremendously right in the coin.

Basco cit consists of fifteen two million users in the U. S. alone. Uh so you can imagine like for us, IT is a huge distribution channel to tap into a this new um this new opportunity. So now now I I think that instead of twenty uh so ninety five percent versus five percent, we would see probably uh next year eighty versus twenty or seventy versus uh thirty um non crypto and crypto related on users.

Wow, so let's say I want to buy a property from you right in my area something and I have big coin essentially I could put whether it's ten big one and whatever is in in that escalate and if you choose to accept the big one, you can just take IT or use that the service can converted to fear, right? So both options are available .

yeah that's correct. And uh so imagine we're holding you uh ten bitcoins。 Uh sometimes sellers prefer a thirty day closing uh and then in that period, uh you you don't know if you will get this house. So why exit your bit point position if you don't know yet if you own this home?

So this service allows uh you to be uh calm that you don't have tax implications during this process, uh, but only if the deal closes uh, as well as uh you don't have to be purchase bitcoin. For example, sometimes the home purchase hunting uh IT IT take half a year, right if you want to really to find your dream home, you're in miami. Uh it's quite a chAllenge Frankly, to find something that you like in your family, uh would appreciate IT.

So um you may want to hold beat coin for six month or one year until you find this this dream home of yours. And so that's that's the beauty of the service. But the long term vision is that you can imagine now that beat coin or other crypto assets are swappable to realistic assets, right? You can interchange them. So it's a fascinating beginning um of those access to be entirely on chain, whether it's bitcoin or homes or other world does.

嗯 and you mention that a this is complaint。 So are there any updated laws or or rules or did the you know that the traditional laws and rules apply here because it's just a matter of the exchange of the value, right? Whether it's fight or big coin or other critical currencies.

there are an array of laws that we have to comply. Uh, it's a realistic law, a rest before as died security law, uh, monday transmission laws and so on. So I took a lot of years and collaborations to really nail down and um make the service applicable to the existing framework.

There is no special framework that is introduced, but there are also not grey areas. It's not like a you know a utility talk and versus security talk and where S C C um has been denied us the framework uh to to innovate within illegal framework. So we we have to find and spend a lot of resources on um interpreting those laws and um doing business at risk while reading the loss together with lawyers.

So that were complied. So in this case real state on block chain or uh cyp t and expro laws. Um we were able to find the current frameworks that are just suitable and there is no grey area. And the other interesting part of um that many states have introduced blockchain clarification laws many years ago in fifteen and sixteen seventeen and I think every month was the first one um in this loss help uh companies like hours that use blockchain and smart contracts for transfer of.

They helped uh lawyers uh to understand that block chain for them could be seen as as a data base type so that you you actually don't need to figure out new policies to transact on this new infrastructure. But when IT comes to transfers and exchanges of crypto and real state, that's where we we primarily have to be complained with s and conversion. Okay, got IT. But to your point, you guys been .

working on this for years and now it's here, which is amazing. Uh, I think is so critical because uh, to your point, what you are saying earlier, descript to asset class is growing and real estate people buy and sell property all year long. For years like this is how we live. We need shelter. So it's it's emerging of two great asset classes in my opinion.

No yeah uh, absolutely. I think both crypto and relate the ultimate wealth preservers and the new generation. Uh, there are a number of statistic that the new generation uh of course ah they understand crypto, they understand technology uh but the new service shows that they also keep appreciating the real state wealth building um so making those two assets interchanged uh and swap, I think that's the future. Also, there are many speculations about the potential Price of bitcoin and often uh IT is compared to the size of the real state market which is uh three hundred three hundred trillion dollar market size um and so the rebel state is three hundred trillion dollar, which is a massive opportunity to bring on chain and then tied to the defy opportunities where you could add up another a huge market size. And in addition, this speculation is that if bitcoin reaches uh, this market capitalization, uh, this would mean thirteen million dollars per bitcoin so a mederic is that both of those assets grow and and potentially again three hundred uh trillion dollars of the coin and three hundred uh trillion dollars for the state to become unswathed and keep being this foundation of uh wealth preservation, especially as uh fir and banking systems are fAiling us. Uh those two um would be would be A A great uh secure and very innovative uh way for the generation to preserve for wealth.

Yeah absolutely certainly seems like we're heading that direction with everything that's going on. Um then you mention toga ization. I would love to get your perspective exam. You see the real state market, uh both from crypto perspective as well as just in the traditional sense.

Um any updates about the toga ization of different um properties around the world that's happening? I know you guys had did themself with N F T and much more. Any updates as you you can share there?

Yeah so um just to remind that the in our view there are two types of ization. One is fractional ownership which are security and their fraction of a property uh and both illegal so this is illegal one.

Um those who are issuing those stock and uh they need to file with the respective S C C of the country where the property is located and where the the buyers are coming from。 And then the other one is a one home at a time transfer, which we've done uh and we believe in a in this future where tokens will represent a whole home uh and probably won't be named an F T um so both a will definitely define the future for state. However, again uh the the most important part um in this innovation is the underlying asset.

So the real set asset has to be valuable, has to not seek a premium on the on the value of this home, whether it's commercial or or residential, just because it's now on the blocks in rails. So the underlying asset will be valid as is regardless of the unchain economy. But efficiency of fit to be um held and to be stored and transferred on chain will give a lot of liquidity and democratization in railway estate.

So now in terms of the updates, we we are seeing those organized projects that have been done in the bus， for example, centuries in aspin. Uh, they keep doing innovative stuff, which is a great uh a great example of something that has been um brought to the unchain economy and has a progress and dividends are paid to talking holders and so on. Uh there is also a report maybe I could send you to you uh by uh so that you can attach for your audience.

There is a report that there is tremendous um there is a tremendous progress in organization, both both in the U. S. But also in japan, which is surprising to me. But billions of dollars have been already talking nize in terms of fractional ownership um access uh to real estate globally, including a lot of progress in japanese are just mentioned.

Whatever the adventure there is, a bmw engineer to take IT on the x three delivers a striking design with atrial performance, the one to percent electric I packed with pure electric energy, or the plug in hybrid x press reversible S, U, V, granting full control on every journey. Choose what powers your next adventure. During the, bmw wrote home sales, and bmw, the ultimate driving in machine, ran for exceptional offers through the cement.

Second, this A B M W USA I come for details. This holiday, bmw is reunited. Three members of the family at the bmw wrote home sales event, the eul x three engineers for any adventure, the plug in hybrid x five commanding the streets with unmatched ence, and the all electric I charging into the future with impactful performance.

Korean, to find what powers your journey at the B. M. W, you wrote home sales, bmw, the ultimate driving machine, and for exceptional offers to december second. This is bmw USA icon for details.

That's interesting that japan is seeing that surge, but uh is fascinating and and eventually in the entire world for the most far will move towards this a prety incredible self. Any updates with the national real test association and these big a groups and associations, how are they looking at blockchain cyp to years ago? I know not so much, but maybe now they've changed.

Well, the national session of filters had A A different agenda to be absorb by in the past twelve months because of the lawsuits on the commission. So we didn't have any conversations about blockchain encrypt y've been always supportive to this innovation. They have an emerging technology uh department that have been always supportive for this innovation. But I doubt they would do any moves of this or next year just because they have they have had um a lot of other things to take care about and now they uh they need to establish new rules, new policies and frameworks for a different type of um commission structure. Um that was enforced ed this year in August.

Yeah that a big, big change, right big change to the industry. But I I get IT is what you not lock chain and so far this party not the top uh, priority right now.

Yeah however you however, we do have conversations with, I think, at least two that comes to my mind, two large association like our organizations that a massive national oh that are all over propper right now um because they truly believe in in block chain and how IT would change uh the real state transaction, the mortgage and mortgage back security. So um there is a lot of change that is coming twenty and twenty five.

Of course, just as we could look at the microprobe cal and the new elections where we have process pt administration deregulation and bringing efficiency to the market, uh, we are standing in front of a uh enormous uh, shift for the real state specifically, for the real inducts specifically. why? Because what is the american dream? The american dream, one of the main ones is owning home. It's ownership and ownership IT relates to home your data, social media data, your identity and freedom to talk, freedom to own your bitcoin.

Uh but the biggest changes uh chAllenges of the american dream today is the housing for the ability 哼 and is not coming only from um those disturbing policies uh that are supporting uh the not in my yard uh uh community pushes uh it's not only coming from the construction and efficiently and the government efficiency， but also it's coming from the transaction tion um opacity and action fees. And about ten percent of home values every year are being paid to uh to the transaction process itself. So imagine a million dollar home you are paying one hundred thousand dollars for and for numerous, numerous fees and uh the title insurance is a twenty five billion dollar market and with very low percentage claim and even this year are the current administration which is about to change even uh, they have introduced a bill to make a waver on the transaction insurance, the title insurance.

So both administrations have been very vocal about addressing uh home uh housing affordability. And one of the angles was actually the traction automation, uh the title insurance changes and revolution and without this current administration that is to come uh to power, I don't think that anybody would be interested to shake um the industry and bring efficiency. But now with a pro elon uh message that we have to revise everything and get rid of all those layers uh of a of a deep government, I think that IT will be an outstanding year ahead.

Yeah and that sounds you know you as an entrepreneur is a builder you and I get the sense of not only you but for others um that works are optimistic. That is a change coming positive to help embrace scripture and innovation, write to allow the folks like yourself to continue to build and grow your business. So sounds like your optimistic for twenty twenty five cypher legislation, less aggressiveness and things like that.

Oh yeah, I expect we will not witness and we will not experience this hostile that we had to experience. Uh and, uh, I had A A A panel with delana Spark go from founders fund uh who share that now administration is programs and prosper and I I related the so much to him to the point about the point where um he was very frustrated just like many founders and cypher, he was very frustrating, frustrated in the space um innovation were too much regulation made them uh lose time and money and resources but he couldn't say anything because if he would go up after the government, the company is still uh not as biggest space sex and so um space sex and elon MaaS did the fight for him and in our case it's rio racking and coin base who have done the fight for us. The founders so far were three company.

Uh but now after the election we can actually also freed share what we have experience and what we ve thought and so on because properly, for example, we've never been investigated. Fingers cross IT will never happen because we've been a very compliant player really working on innovation rather than than trying to make a quick big money for founders. Uh, we never had distributions of tokens to advisers, to founders.

Everything stayed for the community and for the company. But now I have that I I have this feeling that finally I have this freedom of speech on twitter. I can freely like any post or comments on, uh, on those. I I guess you have a similar feeling as well, uh, because i'm not afraid anymore. Oh yeah.

for sure. yeah. And as the same sentiment I get from a lot of builders and entrepreneurs, we're just trying to build a business in a new technology.

So seems like brighter days are ahead. I didn't want to ask you about a new reward program for poppy tokens. I believe that with queen this from that mistake, he talks about that.

Yeah, that's correct. So anyone who will bring us a line for a crypto s transaction, for example, you have a friend who is also moving to miami alongside you and h he or SHE has beat going and and start started to make offers. Uh, you would refer uh this person to us and we would reward you a thousand dollar in prop y token at the transaction. Uh, closing.

Wow, I like that. I'm gona started looking around asking who wants to use the right, especially we mh network. So is there like a referable link or or something like that?

So uh, coin base is releasing those quests so gradually if you have A A coin base APP, uh then check IT in the earn uh 嗯 burn tap in the menu。 IT should be right there. You open IT with other a quests and other rewards.

Uh, if it's not there, they're doing a gradual uh introduction of of this reward. Uh so IT IT must be like for all users within weeks. Oh.

that's awesome. Um is there anything on your road map that you want to highlight for the remain twenty four? Anything in early twenty twenty five?

Oh, gosh, there are so many updates that are coming. Uh, the team is working relyin tlees ly. Um at that our summit, we have just announce that we are launching our next C I product last year.

We launch I uh that rates all the documentation and reviews all the purchase agreements and the closing and title report and then feed this data to the settlement protocol. Um um so there is a second A I product that were launching again so that we help feed the settings mark contract. Uh in the reason that why were so passionate about IT, because one day we imagine that the rules of transaction will be like a self driving mode transaction where humans don't have to touch anything.

But rather is the settlement mark contract system, uh, that gets data from a numerous integrations as well as from A I reviews so far those documents along the site. So currently we have humans ice cream, a license 的。 Officers that still have a their hands on the wall.

But at some point, I think within two years will let the the will we let the hands out of IT。 Um and main announcement and in the road old map are those integrations as well. We've just launched the integration with inspect fy that allows you to order inspections.

So when you buy a home and then we put the critical date on block chain and then you can keep those inspections in your profile forever, they're access acceptable. And this also helps us to automate the transaction then e notary electronic zia, uh that allows us to get information about the proof of identity, the proof of signature and all the documents that are signed electronically. Um yeah, these are kind of the main ones.

We will be releasing our old man by the end of the year as well as the update of our past road map so that we showed community that everything that we are promising, we are delivering. I'm a build a heart. This is your um listeners probably remember from previous podcast have been a real city developer now i'm building a software product. Uh so when when released something is like an architectural plan uh, that we we tend to deliver on time and over over and over deliver, so to say so and very, very happy and satisfied with the the promises that we deliver in the past. The due to very small but mike passion ate team of developers and engineers that we have.

Yeah that's yeah i'm a big fan of propped. I am a token holder. I've been finally guys for years and you guys made so much progress in growing and I think you're ahead of the curve with this merge of real eesti and crypto ll. So i'm excited to see the new updates. And as always, you know, thank you for Johnny and will have to have you back on a couple months as somebody things go like right.

Thank you so much. Thank you, tony, so much.

Whatever the adventure there is, a bmw engineer to take IT on the x three delivers a striking design with atrial performance, the one of a percent electric I packed with pure electric energy, or the plug in a hybrid x press reversible S, U, V, granting full control on every journey. Choose what powers your next adventure. During the, bmw rode home sales of them.

Bmw, the ultimate driving machine, ran for exceptional offers through december second. This A B M W U S A I come for details. This holiday, bmw is reunited.

Three members of the family at the bmw wrote home sales event, the adl x three engineers for any adventure, the plug in a hybrid x five commanding the streets with on match presence, and the all electric I for charging into the future with impacted performance. Korean, to find what powers your journey. And the bmw wrote home sales event, bmw, the ultimate driving machine, and for accepting offers through december of second.

This is A W, U, S. A. I can, for details.