Decentralized property marketplace Propy announced the execution of the first comprehensive blockchain-recorded property deal in California. Sale of 10 acres of land in Southern California was processed through Propy’s Transaction Platform based on Ethereum. Luke Carriere, the buyer, and Diana Dominguez, the seller were bit represented by a California licensed realtor, Kate Fomina. Carriere paid Dominguez in BTC for 10 acres of vacant land in Kern County, California. The interesting part is during the transaction 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. The transaction was done online on Propy platform. The property deal was 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 agency guarantees that the flow of transactions is executed according to regional regulations thanks to smart contracts. Last year Propy had its own primary offerings and raised $16 million. |
