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Former CrunchFund HQ sold via blockchain-powered real estate platform Propy

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The former headquarters of CrunchFund, a venture capital firm founded by Michael Arrington, was sold via Propy, a blockchain-powered real estate platform. The San Francisco-condo was sold for $1.6 million and is a testimony to blockchain’s growing popularity in real estate.

Founder of TechCrunch closes sale on former CrunchFund HQ via blockchain

Blockchain’s potential in the real estate industry has grown considerably throughout the years but has almost always been limited to high-profile, multi-million dollar mansions or commercial properties such as hotels.

The sale of a condo that served as a headquarters to venture capital firm CrunchFund managed to slip through the media radar but nonetheless marks a very important step in real estate. According to the company’s founder, Michael Arrington, the San Francisco apartment was recently sold for $1.6 million via Propy.

The blockchain-powered transaction platform received nothing but praise from Arrington, who is also the founder of online media outlet TechCrunch. In a May 23 tweet, he said that Propy’s platform was a “stellar product” that has become increasingly popular in the real estate industry.

The reactions from Arrington’s followers matched his own excitement—many Twitter users saw this as an opportunity to celebrate the use of blockchain technology in real-life transactions.

Even Changpeng Zhao, the CEO and founder of Binance, congratulated Arrington on the successful blockchain transaction.

Propy aims to revolutionize real estate sales

Propy was created with the intent to simplify international real estate transactions by digitizing key processes, such as contractual and ownership formalities. The company describes itself as a “global property store with decentralized title registry” that wants to opens up cross-border investment opportunities to everyone.

The company’s Ethereum-based platform allows users across the globe to see the properties it has listed for sale. Anybody can make real estate purchases through Propy’s platform via smart contract, as well as pay and receive registration of ownership much faster than traditional transactions.

In July of last year, Rick Hilton, the chairman of Hilton Hotels, listed his $38 million Roman mansion on Propy. The company’s ability to instantly issue title deeds online has made it attractive to the luxury real estate market across the world. Propy currently operates in global real-estate hotspots such as San Francisco, London, Beijing, and Dubai.

While the sale of CrunchFund’s former HQ doesn’t even compare to the price of luxury properties on Propy’s platform, it marks an important step both for the company and the entire industry. With the median home value in San Francisco currently around $1.3 million, blockchain-based real estate sales has become even more available to average homeowners.

Propy, currently ranked #311 by market cap, is up 4.88% over the past 24 hours. PRO has a market cap of $11.64M with a 24 hour volume of $113.95K.

Chart by CryptoCompare

Propy is up 4.88% over the past 24 hours.

Filed Under: Adoption, Altcoins, Price Watch

Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

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Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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