Crypto Real Estate Platform Records $1.6 Million Sale
Propy manages to complete another transaction, boosting their stock with the sale of a $1.6 million property in San Francisco. Coin Desk reported that the property was owned by venture capital fund Crunchfund, co-founded by Michael Arrington.
Propy is a blockchain-based real estate platform. It proves the viability of blockchain in the real world.
The announcement followed the heels of another transaction Propy was involved in. It was a duplex in expensive San Francisco--it's fast becoming a tech hub--which went for $2.4 million. The transaction was also completed entirely on the platform.
Propy is a real estate transaction platform which helps buyers, sellers, agents, and even escrow agents to complete their real estate transactions completely online. Every bit of the transaction can be completed within the platform. The purchase offer, as well as the payments and transition of the deeds, are uploaded to a block in the blockchain.
CEO Natalia Karayaneva explained how the platform fit in today's world. Other expensive goods such as property or other luxury items have gone to be sold online. These have a digital presentation of ownership, which makes blockchain applicable to property transactions.
Michael Arrington completed the sale as if to prove a point. According to Inside Bitcoins, the recently completed transaction revealed what they needed to work on, and what is already working. According to the co-founder, processes remain dated, opaque, and unnecessarily lengthy, while interactions remained overly complex.
The platform has been in operation since 2017 and it completed its first US transaction in Vermont about a year ago. Propy has since completed 60 sales, including two sales considered significant--one involving a mansion in Italy and another provided space for the United Nations Educational, Scientifical, and Cultural Organization (UNESCO) in Paris.
Most properties on the platform sell for an average of $1.5 million. The values of the houses--due to different factors--are steadily increasing. 20 realtors have managed to close their respective transactions on the platform, though, and around 3,000 other users have signed up to sell properties.
Karayaneva reached out to realtors and various companies to extend their helping hand with the technology. Their explanation remains the same--the company wants to "help these governments" as well as different competitors, who they will either help or eliminate through the provision of better service.
Blockchain is on the rise, and this is a clear picture of it. Expect more services and similar platforms to rise in the future, which will only help real estate.