TechCrunch Founder sells house for $1.6M through Propy

Blockchain-enabled real estate platform, Propy, has recently announced that it has sold a property in San Francisco for an impressive $1.6 million. The property was owned by the venture capital fund CrunchFund Co-Founder Michael Arrington.

The announcement follows news of Propy’s highest cost transaction to date, a $2.4 million duplex in San Francisco, completed entirely on the platform.

Propy is a real-estate transaction platform that empowers buyers, sellers, their agents, and escrow agents to close a traditional real estate deal entirely online. The purchase offer, payment and deeds are uploaded to an immutable blockchain.

“The traditional real estate sale process is arduous and broken. Buyers, sellers, and their professional support struggle with overly complex interactions – it’s an opaque, dated, and unnecessarily lengthy process, full of risks such as wire fraud,” said Arrington, Founder of TechCrunch, whose most recent venture is into blockchain capital investments and management with his $100 million firm, Arrington XRP Capital.

“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.”

Propy completed its first deal in 2017, and its first US transaction in Vermont 12 months ago. Worldwide, they have assisted in some form in over 60 real estate transfers. This includes auctioning a 17th century Italian mansion and UNESCO site on its blockchain.

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