For several years, blockchain technology has been touted as a way to verify the sale of property. Any kind of property. And so entrepreneurs busily began the process of trying to create a startup that could complete a property deal on the blockchain.
One that stood out from the start was Propy, started by Natalia Karayaneva… Propy’s other co-founder is Denitza Tyufekchieva.
Propy has now raised an undisclosed funding round from venture capitalist investor Tim Draper, best known for his early investments into Tesla, Skype, Twitter, Coindesk and Robinhood.
Propy’s platform uses blockchain technology to, it says, simplify the home-purchasing experience and eliminate fraudulent transactions. The idea is to close a traditional real estate deal entirely online. Thus, the offer, signed purchase agreements with DocuSign, secure wire payments and title deeds are all taken care of. Propy claims its platforms saves 10 hours of paperwork, per transaction.
[Draper:] “Propy has the potential to transform real estate, making transactions and titles simpler, more secure, and less expensive through innovative use of blockchain technology. [It] eliminates fraud and makes the closing process more secure, effective and streamlined.”