Propy, the global property store has recently announced the first ever purchase of real estate on the blockchain network Ethereum. Michael Arrington, founder of TechCrunch remotely purchased a $60,000 apartment in Kiev with the use of the Ethereum cryptocurrency and PRO (Propy) tokens.
The purchase is a peek into a future where the real estate market, typically rife with red tape and bureaucracy has been made more efficient, transparent and secure through the use of smart contracts and blockchain technology. The CEO of Propy, Natalia Karayaneva stated that this is an important signal to foreign investors- especially Chineese, who are burdened with rigid capital controls of up to $50,000 per person- that they can invest in the Ukranian real estate market safely and securely.
Karayaneva stated that this is simply the beginning and is hoping to be able to facilitate real estate transactions with the use of PRO tokens in California, Vermont and Dubai in the coming year.