Ripple Partners With Cryptescrow to Support Crypto-Funded Real Estate Purchases
Article excerpt
Highlighted: the sentence this signal was extracted from
Under the arrangement, Cryptescrow converts cryptocurrency into U.S. dollars to finance property transactions. Sellers, developers, title companies and other closing participants can continue receiving and handling traditional funds, without needing to adopt cryptocurrency themselves. The companies intend to support large transactions with an emphasis on compliance, transparency and security. The service is designed for buyers with substantial cryptocurrency holdings who want to use their digital assets for real estate purchases. Cryptescrow's conversion process provides a way to move from crypto holdings to conventional funds used in property closings. John Ioannou Jr., Cryptescrow's founder and chief executive officer and a real estate attorney, said Ripple's experience connecting blockchain technology with traditional financial systems made it a suitable partner for the property sector. He described real estate as a potential next application for that infrastructure as buyers seek to use digital assets without requiring other parties in a transaction to change their established procedures. A transaction reported by Cryptescrow on Aug. 10 provides an example of the model. According to the company, a First American Title policy-issuing agent completed a $4.2 million residential property purchase in which the buyer used Cryptescrow's cryptocurrency conversion process. The...
Keep reading with a free account
The rest of this article, and every signal for Ripple, is in your free account.
