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

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.

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.

CZ Binance May 23, 2019.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.

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.

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.