Propy Completes Real Estate Purchase on Blockchainbr>
California-based blockchain startup Propy has announced its first real estate transaction on the ethereum public blockchain.
Propy is a peer-to-peer real estate exchange platform built on blockchain technology. The company is using the ethereum blockchain to allow brokers, buyers, sellers, and title agents/notaries to sign off on transactions within their existing legal frameworks.
Propy revealed that TechCrunch founder Michael Arrington remotely purchased a $60,000 apartment in Kiev from Ukrainian developer Mark Ginsburg, settled via smart contracts, ethereum, and Propy’s PRO tokens. The company said that the transaction marked the first cryptocurrency transaction in Ukraine.
Arrington is part of the company’s board of advisors, which also include Apple’s Daniel Kottke, Bessemer Venture Partners’ David Cowan, Civic’s Vinny Lingham, and Blockchain Capital’s Jeremy Garner, among others.
“I’m thrilled to see Propy leading the charge in putting real estate on the blockchain—bringing transparency, efficiency, and security to an industry traditionally fraught with red tape and bureaucracy,” said Propy CEO Natalia Karayaneva. “Ukrainian real estate is very affordable, and the Ukrainian market will soon be growing dynamically. This purchase is an important signal to foreign investors—especially Chinese, who face strict capital controls of $50,000 per person—that they can safely and easily invest in this market and, soon, other countries.”
Propy said that by utilizing ethereum blockchain, the company has taken an important first step in automating real estate purchases on the burgeoning global real estate market.
“This is only the beginning,” said Karayaneva. We’re starting with Ukraine, but over the coming year we plan to facilitate real estate transactions with the use of PRO tokens in California, Vermont, and Dubai.”
Propy recently announced it has secured $2 million in pre-initial coin offerings commitments. Prior to the start of the public sale, Propy had already secured $15 million from its initial coin offerings, including two million in pre-sale commitments.