Leading fintech firm Ripple is set to bring real estate transactions to the native network of the $XRP token, the XRP Ledger, through a new partnership with blockchain-powered real estate marketplace ProprHome.
According to various reports, the partnership will see the real estate marketplace leverage the XRP Ledger to distribute utility non-fungible tokens (NFTs) that represent asset ownership. The use of NFTs will provide faster, more reliable, and more energy-efficient transactions to market participants.
In an interview, John McCoy, CEO of ProperHome, said that in Portugal there are 580 real estate agents per 100,000 residents, while the European average is 136 real estate agents per 100,000 residents. The company plans to boost the confidence and credibility of these professionals through the use of its own token Propr (PRP), which is set to be used to measure users’ reputations.
McCoy explained that when realtors publish new listings with proper pictures, fair prices, and detailed analysis, and if they answer clients on time and produce content that demonstrates growth in the market, they will receive tokens that can be used to advertise on the platform. Alternatively, they can pay directly for these advertisements.
The platform will issue blockchain-based digital property certificates, which allow users to bypass the time-consuming process of verifying and approving real estate transactions. These certificates will also offer home buyers the ability to access numerous services. McCoy was quoted saying:
ProprHome and our partner Ripple share the same vision of the tokenization of assets with functional utility. We see the potential of an online real estate market that leverages blockchain technology to dramatically improve real estate interactions.
Notably, interest in XRP has been growing over the last few weeks. As reported, cryptocurrency investment products offering investors exposure to $XRP have recently seen significant inflows, at a time in which the U.S. Securities and Exchange Commission’s (SEC) case against Ripple and two of its executives is being seen as “increasingly fragile” by investors.
The price of XRP soared last month, as CryptoGlobe reported after reports revealed that both Ripple and the SEC were looking for a ruling in their long-running legal battle through a so-called summary judgment.
The filings suggest neither party wants the legal action to continue to a full trial. The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.
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