Michael Arrington’s Founded VC Firm CrunchFund Gets Sold via Propy Blockchain Real-Estate Platform
The former headquarters of CrunchFund, a recognized venture capital firm that was founded by Michael Arrington, were sold using Propy, a blockchain-based real estate platform. The property was sold for $1.6 million and it shows that Propy continues to expand in the blockchain market.
Former TechCrunch HQ Sold Through Propy
Blockchain shows that it has a large potential to register things and keep information properly stored. This can be seen in the real estate industry and how different mansions, homes, and offices are being sold using blockchain mechanisms to register the transactions.
The condo sold through Propy was used as headquarters to the venture capital firm CrunchFund and it was sold for $1.6 million via Propy. Michael Arrington is also the founder of the media outlet TechCrunch.
A few days ago, he wrote on Twitter that the Propy platform was a stellar product. And that it became increasingly popular in the real estate industry after closing important deals.
About it, he wrote:
“We completed the sale of the old CrunchFund condo in San Francisco a couple of weeks ago. It sold for $1.6 million and we used the Propy blockchain powered transaction platform. An absolutely stellar product that is getting tons of attention from real estate professionals.”
There were several users that saw an opportunity to celebrate the use of blockchain technology in real-life transactions. At the same time, the CEO and founder of Binance showed his support to what Arrington said and because of the success of the blockchain transaction.
— CZ Binance (@cz_binance) May 23, 2019
Propy aims at simplifying international real estate transactions by digitizing the whole process of selling a property. That includes contractual and ownership formalities and other processes that are of importance at the time of dealing with properties.
At the moment, it is possible for interested users to make property transactions using Propy. The firm uses Ethereum’s blockchain in order to make property transactions through smart contracts. It is also possible to process payments and register ownership in a much faster way than through traditional transactions.
It is worth mentioning that Rick Hilton, the chairman of Hilton Hotels, decided to list his $38 million Roman mansions on the Propy network. There have been several users that decided to list their luxury real estate properties across the world. They are already operating in cities such as San Francisco, London, Beijing, and Dubai. In the future, there could be several other cities working with Propy.
The sell of the $1.3 former HQ of CrunchFund shows that the platform is becoming increasingly popular and that it is allowing individuals and firms from different cities to deal with real estate transactions in a much faster, clear and easier way.