Propy, a California-based blockchain startup, has announced a real estate transaction on the distributed public blockchain network Ethereum.
According to the details, TechCrunch founder Michael Arrington remotely purchased a $60,000 apartment in Kiev, settled via smart contracts and in Ethereum cryptocurrency and PRO (Propy) tokens. Propy said that the transaction marked the first-ever cryptocurrency transaction in Ukraine and the first real asset transfer via blockchain.
"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. 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," said Natalia Karayaneva, CEO of Propy.
In addition to Arrington, Propy’s advisors include Apple’s Daniel Kottke, Bessemer Venture Partners’ David Cowan, Civic’s Vinny Lingham, and Blockchain Capital’s Jeremy Garner, among others.
Using Ethereum blockchain, Propy aims to automate real estate purchase on the growing global real estate market. In September, it raised $15 million in a pre-sale and crowdsale of PRO tokens. The company also entered into an official partnership with the government of Ukraine, which has agreed to pilot the blockchain title registry.
"This is only the beginning. With this transaction, we've broken first ground in putting the $217 trillion real estate market on the blockchain. 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," Karayaneva said.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
