Until recently, Cryptocurrency that was getting the headlines. However, in December of 2017 Bitcoin and the cryptocurrency markets were tamed by the futures. Most of us already know this, but many people missed a major event, that was lager that the introduction of institutional level futures trading on the CME and CBOE. A Real Estate Transaction fully completed entirely using the Blockchain network. This one completed transaction confirms blockchain as the real technology of growth and the future of how transactions will be completed globally:
World’s First Real Estate Purchase on Ethereum Blockchain
SAN FRANCISCO, Oct. 2, 2017 /PRNewswire/ — TechCrunch founder Michael Arrington’s purchase of an apartment in Ukraine marks a milestone that opens the floodgates for real asset transfers on the blockchain.
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.
Natalia Karayaneva, CEO of Propy said,
“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.”
Arrington’s real estate purchase from Ukrainian developer Mark Ginsburgis 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.
By utilizing Ethereum blockchain — a technology that is quickly gaining on the Bitcoin blockchain as the blockchain of choice for developers, Propy has taken an important first step in automating real estate purchases on the burgeoning global real estate market.
“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.”