California Gets First Blockchain-Only Real Estate Deal

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California Gets First Blockchain-Only Real Estate Deal

Post by howlermunkey » Thu Jul 26, 2018 9:38 am

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.

Read more: ... tate-deal/

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