Propy, a global property startup that launched in 2016, aims to leverage the power of the Ethereum (ETH/USD) blockchain to create an Amazon-like marketplace. The startup recently announced it had raised $15 million from backers by selling virtual currency tokens.
Besides it has already completed its first Ethereum deal, Enterprisetech reports.
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.
Propy Chief Executive Natalia Karayaneva said that she was thrilled to see her company leading the charge in putting real estate on the blockchain.
“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 in other countries,” she said.
Propy also announced agreements with the government of Ukraine and Chinese real estate company Leju Holdings Limited.
The agreements will allow international buyers to purchase public lands in Ukraine and private properties in China through Propy, according to the startup’s statement.