• Ripple, in collaboration with ProprHome, plans to create a revolutionary path in Portugal’s real estate market. 
• ProprHome creates “Customer Education-ProprHome” in a bid to familiarize users with the platform.

Ripple, in partnership with ProprHome, set out to create a revolutionary way to buy, sell and rent real estate in Portugal. The new method will utilize the XRP ledger, an open-source layer 1 blockchain using an NFT utility. Also, it will allow potential buyers to carry out faster, more reliable, and more energy-efficient transactions.

Interestingly, the three entities: Ripple, ProprHome, and XRP Ledger, share similar characteristics and purposes. These platforms are fast, efficient, and transparent. In fact, the primary goal of the partnership is to mitigate the rigorous process of buying, selling, or renting homes in Portugal. 

Ripple and ProprHome partner on Portugal real estate revolution

Ripple announced the partnership between the two firms, while ProprHome explained the significant changes in its mode of operation. Prior to the partnership, ProprHome, a blockchain-enabled real estate marketplace, announced its plan to change how people trade and rent homes in Portugal.

Every NFT used on the platform will be minted on the XRP Ledger, a fast and energy-efficient blockchain for asset tokenization. In addition, the XRP’s speed and reliability will help facilitate interactions between real estate clients and their agents. Nevertheless, clients will be able to control the offer and acceptance procedure for every transaction. 

The CEO of ProprHome, John McCoy, while commenting on the company’s recent partnership with Ripple, said:

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 improve real estate interactions dramatically. We have trusted in the reliability of XRP Ledger for over ten years to serve as our preferred blockchain for its tokenization and settlement capabilities.

More on the Ripple-ProprHome collaboration

The highly competitive real estate market in Portugal uses customer experience as a deciding factor. ProprHome sets out to provide a well-trusted platform where clients can access suitable professionals. The partnership between ProprHome and Ripple will offer different types of tokens, beginning with utility tokens for digital property certificates (DOC). Only customers who plan to buy or rent a property using the ProprHome platform can use the DOC token. DOC gives customers the right to use a particular property, eliminating the onboarding verification and approval process. 

ProprHome plans to have its own native token called Propr (PRP). It is a reputation currency that agents, developers, and owners can earn and exchange for additional exposure. PRP tokens will encourage a positive real estate experience by rewarding users for good practices. ProprHome leverages the XRP ledger to provide transparent and immutable data to all real estate participants

Furthermore, ProprHome created the “Customer Education-ProprHome” project to educate and enable customers to make better market decisions. It has also prepared to inform users of the basic blockchain terminologies involved in the platform. ProprHome plans to provide users with an NFT minting guide.