Blockchain Startup Propy Completes $1.6M USD Sale Of TechCrunch Founder’s San Francisco Mansionbr>
Blockchain real estate startup Propy has completed the sale of a $1.6 million mansion in San Francisco, which is owned by venture capital fund CrunchFund, co-founded by TechCrunch founder Michael Arrington.
Propy is an international real-estate marketplace built on blockchain technology. It facilitates connections between the seller, buyer, realtors, title agent and/or notary to enable the seamless purchase of real estate online using the ethereum blockchain.
“When it comes to expensive property or other expensive goods, these normally already have digital presentation of ownership, that’s why blockchain is applicable to space,” said CEO Natalia Karayaneva. “Blockchain’s main implications, after [virtual] money, is as a technology that enables ownership transfers… it aligns the entire process of any value transfer including real estate.”
Arrington said that he thinks that conventional real estate transactions are arduous, broken, opaque, outdated, lengthy, and full of risks, such as wire fraud. He added that they subject buyers and sellers to overly complex interactions.
Propy, which completed its first deal in 2017, said that they are working with county governments to provide technology that automatically and immediately reports deeds of title transfers.