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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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