Propy Announces Sale of $1.6 Million San Francisco Property Owned by CrunchFund Co-Founder Michael Arrington

Propy, a blockchain based real estate platform, continues to make waves in the industry with the recent sale of a $1.6 million San Francisco property owned by CrunchFund, a venture capital fund co-founded by Michael Arrington. This exciting news comes on the heels of Propy’s largest transaction to date, a $2.4 million duplex in San Francisco, which was completed entirely on the platform.

Propy is revolutionizing the real estate transaction process by allowing buyers, sellers, agents, and escrow agents to close deals entirely online. The platform uploads purchase offers, payments, and deeds to an immutable blockchain, ensuring transparency and security throughout the entire process.

Michael Arrington, founder of TechCrunch and co-founder of CrunchFund, expressed his enthusiasm for Propy’s innovative approach to real estate transactions. He believes that the traditional sale process is outdated and fraught with risks, such as wire fraud. With blockchain technology, these risks can be minimized, making the transaction process more efficient and secure.

CEO Natalia Karayaneva highlighted the benefits of blockchain technology in real estate transactions, citing its ability to streamline the transfer of ownership and align the entire value transfer process. Propy has successfully completed over 60 real estate transfers worldwide, including the auction of a 17th century Italian mansion and UNESCO site.

Looking ahead, Karayaneva predicts that the majority of real estate transactions will be digitized within the next two to three years. Propy is working with county governments to implement technology that will automatically report the transfer of title deeds, further enhancing the efficiency of the process.

Propy’s success has garnered attention from industry leaders, including the U.S. National Association of Realtors, which recently invested in the company through its REACH accelerator program. In addition, Propy raised $15.5 million via an initial coin offering in 2017, further solidifying its position as a leading player in the blockchain real estate space.

With Propy’s innovative approach and the support of industry giants, the future of real estate transactions looks brighter and more secure than ever before.