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UNIRipple partners with Cryptescrow to fund high-value property deals in crypto
Cryptescrow said on 22 Oct that it has teamed up with Ripple to convert buyers' cryptocurrency into dollars for large property purchases, while sellers and title companies keep conventional funds.
Key points
- Cryptescrow announced the strategic partnership with Ripple on 22 Oct
- Cryptescrow converts buyers' digital holdings into US dollars; other closing parties handle conventional funds
- A First American Title agent closed a $4.2m residential purchase using the conversion process, reported on 10 Aug
The arrangement is aimed at high-value deals paid for with digital assets.
Under the model, Cryptescrow converts a buyer's crypto into US dollars, while sellers, developers and title companies carry on with conventional funds. The partners say the process is meant to keep compliance, transparency and security intact through the closing. Cryptescrow's founder and chief executive, the real estate attorney John Ioannou Jr., said real estate is a natural next step for Ripple's work linking blockchain to traditional finance.
The offering is optional for such agents, who judge for themselves whether it suits a transaction. In September, Cryptescrow also announced a tie-up with the Kraken exchange to draw on its professional trading desk for luxury and commercial property deals.
Ripple's property work predates the deal. Separately, Standard Chartered opened custody for Ripple USD on the XRP Ledger on 12 Oct.
Live updates on NewsFeeds:AltcoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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