A Californian company attempting to establish a global online property sales platform for investors using blockchain technology says it has achieved its first transaction in Europe, just a few months after doing the same in the US.
Propy.com brings together vendors, buyers, title agents, estate agents and conveyancers onto one platform and claims to create more streamlined cross-border sales.
It also enables buyers to purchase a home without visiting the property or country involved, although it recommends that they do.
The company, which has raised $15 million in funding so far, says its first European transaction was between a Spanish vendor and a French buyer, who used crypto currency Bitcoin to complete the deal.
Palo Alto-based Propy is backed by several heavyweight US investors including Apple’s first employee Daniel Kottke, and claims that blockchain-powered property sales are set to take off within the UK.
“The EU market can be a complex web of governments, brokers, and other entities making international property transactions difficult,” says its CEO Natalia Karayaneva (main pic).
“Propy’s blockchain-enabled platform removes complexity resulting in a simple online transaction that is easy to complete, and secure.”
Propy uses a large network of ‘ambassadors’ who champion the platform locally and the company is recruiting in the UKwants agents with five years or more experience plus strong industry, government and land registry contacts.
“Quite often we talk about new technologies such as blockchain and artificial intelligence and try to educate the industry on the impact it will have, but often it is seen as hype or something which is a long way off,” says Sammy Pahal, MD of the UK Proptech Association (left).
“But there are now successful examples of blockchain being used in buying and selling property, which is moving the whole conversation along.”