Blockchain-based real estate platform Propy has raised $1.2 million in a funding round that involved prominent investors Tim Draper and Michael Arrington.
Propy uses blockchain technology to prevent fraudulent transactions and streamline property purchases
Tim Draper and Michael Arrington, both of whom have invested heavily in cryptocurrencies, have funded the startup for undisclosed amounts
Speaking to Coindesk, Tim Draper said that the startup had “thought through the entire transition from an antiquated system of real estate, from sale to title, to a blockchain based automated one,”
The startup plans to raise $500,000 more at a later stage, bringing total funds raised to $1.7 million
Arrington purchased the first real estate on Ethereum on Propy back in 2017
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