Agoracom Blog

California Gets First #Blockchain-Only #RealEstate Deal $SX $ $SXOOF $ $ $ $

Posted by AGORACOM-JC at 10:33 AM on Thursday, July 26th, 2018

  • In a milestone event for the project, real estate startup Propy announced the completion of a transaction involving only their platform and Bitcoin (BTC) as a means of payment
  • The significance stems from the fact this is the first deal of this nature in California

Kate Fomina, a licensed real estate agent in the state, represented both counterparties. One of the most interesting facts about the transfer was that all of the parties involved were separated by immense physical distances. While the buyer (Luke Carriere) was located in New York, the seller (Diana Dominguez) was in Northern California. Furthermore, at the time the process began, Fomina (the broker) was in Hong Kong and the escrow agent was in San Francisco.

The underlying technology is obviously more exciting to people interested in crypto. The Propy Transaction Platform uses smart contracts to enable the entire process to go smoothly, be recorded on the ledger and be legally binding. The startup was also behind the first ever blockchain property purchase, which happened in Ukraine.

Natalia Karayaneva, CEO of Propy commented on the recent deal:

“We believe that blockchain technology can truly revolutionize the real estate purchasing process and the management of public records […] Propy streamlines a complicated process into a simple online transaction, and we’ve seen significant traction in the industry already — buyers and sellers are increasingly turning to blockchains and cryptocurrencies. We’re excited to facilitate more property transactions, and reach more milestones in our goal to automate the real estate industry via blockchains.”

The announcement comes approximately at the same time as the first-ever physical delivery of Bitcoin futures, traded on the CME, took place. While the two stories are very different in nature, they are indicative of a growing interest in the use of cryptocurrencies not only as a speculative asset class.

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