Propy platform continues conquering the real property business. Now the blockchain based company specializing on real estate trading has entered EU market with the first successful deal in Spain, as Verdict reports.
The purchase was made by an anonymous French buyer in Ethereum (ETH) without any further comments in contrast to the property seller, Miguel Prados Rodriguez, who shared his positive attitude towards dealing on the platform.
I am very happy with the outcome of the sale. Propy made the entire process simpler than it would have been through a traditional sale. Their platform is user-friendly and gave me the peace of mind I needed to know the entire transaction was safe.
The second sale empowered by blockchain technology is waited to be fulfilled by the end of 2018.
The first mention of the Propy real estate deals referred to October 2017, when the TechCrunch founder Michael Arrington, by whom the company is advised, distantly bought an apartment valued at $60 000 from Ukrainian developer Mark Ginsburg not by means of fiat money, but via smart contracts, ETH and the Propy platform’s tokens PRO. That time the evaluated transaction was named as a promising one.
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.
Editorial note: Nevertheless, no deals involving Chinese investors have been realized yet or it wasn’t publicly announced. (The first scenario is a more likely one)
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.
The people from Propy were fantastic to work with. I’ve been reading that this tech is perfect for certain types of transactions. Real estate is one of them.
In July 2018 anonymous buyer from New York made a purchase of the 10 acres of land in Kern County in Bitcoin also with the help of Propy platform, The Real Deal writes.
By late August Vermont governor signed a law that approves the blockchain use for the land registry maintenance, thanking the CEO of Propy and the platform itself for steering the bill until its implementation.