Market Overview

Propy Announces the First California Property Sale on the Blockchain


Leading Blockchain-powered Real Estate Platform Completes Historic
Property Deal in California, in Cryptocurrency

Propy, a global real estate store with a decentralized title registry,
today announced the execution of the first comprehensive
blockchain-recorded property deal in California. The Bitcoin-to-Bitcoin
sale of 10 acres of land in Southern California was processed through
Propy's Transaction Platform. Every step of the conveyance was executed
via Ethereum smart contracts, marking this as the first fully-recorded
blockchain transaction in California.

A California licensed realtor, Kate Fomina, represented both Luke
Carriere, the buyer, and Diana Dominguez, the seller. Carriere paid
Dominguez in BTC for 10 acres of vacant land in Kern County, California.
When the transaction began, Fomina was located in Hong Kong, Carriere
was in New York, Dominguez was in Northern California, and the escrow
agent was in the San Francisco Bay Area. Almost the entire cross-border
purchase process occurred online through Propy's Transaction Platform.
The title deed was recorded on the Propy Blockchain Title Registry and
on the public Ethereum blockchain.

The property deal in California is the first complete transaction
fully-executed on the Propy Transaction Platform, where every step was
initiated by smart contracts and respectively recorded on the blockchain
registry. The transaction was anchored and verifiable on distributed
ledger technology, which gives complete security to the deal. By using
smart contracts, Propy guarantees that the flow of transactions is
executed according to regional regulations.

"We believe that blockchain technology can truly revolutionize the real
estate purchasing process and the management of public records," said
Natalia Karayaneva, CEO of Propy. "Propy streamlines a complicated
process into a simple online transaction, and we've seen significant
traction in the industry already — buyers and sellers are increasingly
turning to blockchains and cryptocurrencies. We're excited to facilitate
more property transactions, and reach more milestones in our goal to
automate the real estate industry via blockchains."

Transactions executed on the Propy Transaction Platform are legally
binding, provide additional proof of ownership, and safeguard the
transfer of ownership via traditional legal instruments. The Propy
Blockchain Title Registry is available for deed recording by any
customer, broker, or title agent wishing to duplicate the encrypted
information on the globally distributed Ethereum network. High demand is
observed and acts as a driver for this service as the international
community is eager for an additional safeguard for property records from
hacking, corruption, or natural disasters.

In California, the first deeds were recorded by Propy on the Blockchain
in May and June; the San Francisco Recording office holds a deed
containing blockchain information. An additional three deeds were
recorded in Alameda County. These came from fiat transactions and were
the first blockchain-recorded and blockchain data containing deeds in
those counties. Propy plans to partner with private organizations and
governments worldwide to make distributed ledger technology a standard
for storing public data.

About Propy

Propy is the world's first international real estate platform aimed at
solving the problems of purchasing property remotely. Propy facilitates
connections between the seller, buyer, realtors, title agent and/or
notary to enable the seamless purchase of real estate online. The
Silicon Valley-based company is advised by Alain Pinel (Intero Real
Estate), Michael Arrington (founder of TechCrunch), Vinny Lingham (CEO
of Civic), David Cowan (Partner at Bessemer Venture Partners), Daniel
Kottke (first Apple employee), and Bruce Cahan (Consulting Professor at
Stanford University).

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