Real estate company sold the first property in Spain with cryptocurrencies.
The real estate company Propy completed its first transfer of ownership through Blockchain in the Spanish market. This was announced today by the company and, according to this, it is the first sale of a property based on Blockchain made in the European Union.
The sale was carried out in Seville (Spain) and with it marks the official introduction of this company in the territory of the EU. The seller is Spanish and the buyer is French. The purchase was made through Ethereum to transfer ownership through the Propy transaction platform.
“Blockchain technology continues to revolutionize the way people buy and sell properties in other countries,” said Natalia Karayaneva, CEO of Propy, according to PR Newswire, which adds:
The EU market can be very complex for governments, brokers and other entities that make international property transactions difficult. Propy’s Blockchain platform eliminates complexity, resulting in a simple online transaction that is easy to complete and secure. “
Buying real estate when seller and buyer belong to different countries is complicated due to the different regulations that interact in the European Union. According to Propy, its platform simplifies the complex process and works within existing markets. “All the parties involved in the transaction have mutual trust for the unchangeable encrypted records in Blockchain,” PR Newswire reports, adding that Propy’s Blockchain platform also reduces the need for costly intermediaries, such as trust services. In addition, there is no need to print or scan papers or visit banks, brokers or attorneys in person:
When a transaction is made, a notary enters the Propy transaction platform and verifies the vendor’s signature. At this point, the transfer of ownership is recorded in both the Blockchain registry and the state property registry. “
Propy reported that it had already facilitated sales in other countries such as the United States or Eastern European nations, but for the first time it does so in a country of the European Economic Community.
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