• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

TechChrunch Founder Buys House on the Blockchain, Pays With Ethereum

30/09/2017 15:20
No comments

Michael Arrington, founder of TechCrunch and adviser to a new blockchain based real estate start-up Propy, stated he purchased a property through the blockchain based Propy platform and paid for it with eth.

The purchase was made after Propy entered into a partnered with the government of Ukraine to allow online purchases of Ukrainian real estate by foreign investors, according to a statement.

With Ukraine’s Land Registry recording the hash of the transaction on their official documents, while the deed is recorded on ethereum’s public blockchain.

That shows 212.5 eth was paid for the property, translating to around $64,000 dollars, with the transaction fee being around ten cent.

That’s the network fee, the actual transfer in official registries and the sale involved lawyers, but this is the first time the blockchain is used as a verification method that such transaction and purchase did indeed take place as well as a potential verification method for ownership. A representative from Propy says:

“This is the first real estate purchase within testing of the beta product and within the pilot with the Ukrainian government. It was an extremely complex process from the legal and technical perspectives, but it’s the first step towards future P2P deals transition.”

The transaction took place in collaboration and with the approval of the Ukranian Government. Arrington says:

“This is the first transaction completed via Propy, using their PRO tokens. I paid for the condo using Ether, and the title transfer was completed on the Ethereum blockchain with approval of the Ukrainian government.

This is the first time that I know of that a real asset other than cryptocurrencies themselves have been transferred on a blockchain. I did not have to enter Ukraine at any time to complete this transaction.”

Propy recently raised $15 million in an ICO with $2 million secured in a pre-sale. Besides the Ukranian government partnership, they have further partnered:

“With Leju Holdings Limited, the leading online-to-offline real estate services provider in China to facilitate online real estate purchases by foreign investors,” the start-up says.

Propy was founded by Natalia Karayaneva, who has a background in real estate development, with the company already established in traditional real estate.

As we reported back in July, Propy was planning to take their traditional business further by using ethereum’s smart contracts to automate the selling process of real estates, targeting the international property purchasing market.

The start-up now appears to have reached the pilot stage as this first purchase shows, with deeds and property purchase transactions so recorded on ethereum’s public blockchain.

 

Related Posts

Central Banks that will attend the Bitcoin Gathering in El Salvador

44 Central Banks to Attend Bitcoin Gathering in El Salvador

Three Months US Treasury Bonds Rate, May 2022

Falling Bonds Back USDc

Luna Confirms They Sold All Bitcoin

Crypto Developers Don’t Own Duty of Care Court Rules

Load More
  • Trending
  • Comments
  • Latest
One of Luna's bitcoin wallet, May 2022

Luna Confirms They Sold All Bitcoin

US Bureau of Labor Statistics

Inflation Falls

Central Banks that will attend the Bitcoin Gathering in El Salvador

44 Central Banks to Attend Bitcoin Gathering in El Salvador

Wormhole UST/CRV Disbalance, May 2022

Who Killed Luna?

Central Banks that will attend the Bitcoin Gathering in El Salvador

44 Central Banks to Attend Bitcoin Gathering in El Salvador

Three Months US Treasury Bonds Rate, May 2022

Falling Bonds Back USDc

One of Luna's bitcoin wallet, May 2022

Luna Confirms They Sold All Bitcoin

The Court of Justice

Crypto Developers Don’t Own Duty of Care Court Rules

Comments

Latest News

  • 44 Central Banks to Attend Bitcoin Gathering in El Salvador
  • Falling Bonds Back USDc
  • Luna Confirms They Sold All Bitcoin

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?