Blockchain real estate platform records $1.6M home sale in San Francisco

A venture capital fund co-founded by Michael Arrington sold a San Francisco property on the Propy platform

TRD LOS ANGELES /
Jun.June 30, 2019 04:00 PM
Propy's Natalia Karayaneva and TechCrunch's Michael Arrington (Credit: Getty Images, iStock)
Propy’s Natalia Karayaneva and TechCrunch’s Michael Arrington (Credit: Getty Images, iStock)

Blockchain-based real estate platform Propy enabled the $1.6 million sale of a San Francisco property by a venture capital fund co-founded by Michael Arrington, the firm announced.

The traditional process to sell real estate is “arduous and broken,” said Arrington, a co-founder of online publisher CrunchFund who also invests in blockchain-based businesses through his $100 million firm Arrington XRP Capital.

“Blockchain’s main implications, after [virtual] money, is as a technology that enables ownership transfers,” Natalia Karayaneva, chief executive officer of Propy, told Yahoo Finance.

Propy recorded its first property sale entirely online in 2017 and has assisted in more than 60 transfers of real estate, the company’s spokespeople claim.

The median price of homes sold on the Propy platform is $1.5 million, according to Karayaneva.

She expects that a majority of real estate transactions will close completely online within the next three years.

Propy is engaging county governments to provide them with blockchain-based, deed-transfer technology. “We don’t want to work against them,” Karayaneva told Yahoo Finance. “Either we help them or will eliminate them.”

Investors in Propy include the venture capital arm of the U.S. National Association of Realtors. [Yahoo Finance] – Mike Seemuth


Related Articles

arrow_forward_ios
Prop trade blockchain startup gets backing from Barclays, RBS

Prop trade blockchain startup gets backing from Barclays, RBS

Prop trade blockchain startup gets backing from Barclays, RBS
Jeffrey Berns (Credit Twitter, renderings courtesy Tom Wiscombe Architecture)

This crypto millionaire is building his own city in the Nevada desert

This crypto millionaire is building his own city in the Nevada desert
Propy records country’s first blockchain-only real estate deal just north of LA County

Propy records country’s first blockchain-only real estate deal just north of LA County

Propy records country’s first blockchain-only real estate deal just north of LA County
Up next: A cryptocurrency for home-flipping

Up next: A cryptocurrency for home-flipping

Up next: A cryptocurrency for home-flipping
Blockchain’s real estate break

Blockchain’s real estate break

Blockchain’s real estate break
West 8th Avenue on South Park View Street (Credit: Google Maps)

John Safi plans 264-unit project in Westlake

John Safi plans 264-unit project in Westlake
Heather Crossner and the site (Credit: Google Maps)

Bridge Development plans distribution center outside Torrance

Bridge Development plans distribution center outside Torrance
Gavin Newsom, Fiona Ma, and Jeanne Radsick (Credit: Justin Sullivan/Getty Images, and Kent Nishimura / Los Angeles Times via Getty Images)

Wildfires rouse support for Prop 19 property tax break

Wildfires rouse support for Prop 19 property tax break
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...