Propy, a global property store and decentralized title registry that today announced the world’s first real estate asset transfer on the Ethereum blockchain. On Sept. 24, TechCrunch founder Michael Arrington purchased an apartment in Kiev, Ukraine, settled via smart contracts and in Ethereum cryptocurrency and PRO (Propy) tokens – opening the door for many more remote real estate transactions on the blockchain. bringing transparency, efficiency, and security to an industry fraught with red tape.
This groundbreaking purchase marks three “firsts”:
1. IT’S THE FIRST REAL ASSET TRANSFER VIA THE BLOCKCHAIN
Propy utilized the Ethereum blockchain—a technology that is quickly gaining on bitcoin as the blockchain of choice for developers. In doing so, it has broken first ground in putting the real estate market on the blockchain.
2. IT’S THE FIRST GOVERNMENT-APPROVED CRYPTOCURRENCY PURCHASE
The government of Ukraine agreed to pilot Propy’s decentralized title registry—marking the first time a government has ever sanctioned the use of cryptocurrency for a purchase.
3. IT’S THE FIRST SIGNAL THAT THE BLOCKCHAIN IS THE FUTURE OF GLOBAL REAL ESTATE
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 Ukraine and, soon, other countries.
“I’m thrilled to see Propy leading the charge in putting real estate on the blockchain—bringing transparency, efficiency, and security to an industry traditionally fraught with red tape and bureaucracy. 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,” said Natalia Karayaneva, CEO of Propy.
“This is only the beginning. With this transaction, we’ve broken first ground in putting the $217 trillion real estate market on the blockchain. 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,” Karayaneva said.