Propy, the global property store and decentralized title registry, today announced the world’s first real estate transaction on the distributed public blockchain network — Ethereum. TechCrunch founder Michael Arrington remotely purchased a $60,000 apartment in Kiev, settled via smart contracts and in Ethereum cryptocurrency and PRO (Propy) tokens — marking the first-ever cryptocurrency transaction in Ukraine and the first real asset transfer via blockchain. The latest transaction opens the door for many more remote real estate transactions on the blockchain.
Arrington’s real estate purchase from Ukrainian developer Mark Ginsburg is the latest in a string of successes for Propy. In September the company raised $15 million in a pre-sale and crowdsale of PRO tokens — making it one of the ten highest-earning ICOs this summer. It also entered into an official partnership with the government of Ukraine, which has agreed to pilot the blockchain title registry. The partnership — Propy’s first with a foreign government coincides with new legislation allowing foreign investors to purchase land in Ukraine as of January 1, 2018.
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