Propy a Blockchain-based real estate platform has raised $1.2 million in a funding round which involved two prominent investors Tim Draper and Michael Arrington.

Propy uses blockchain technology to prevent fraudulent transactions and streamline property purchases.

Tim Draper and Michael Arrington, these two men have invested heavily in cryptocurrencies, they funded the startup for undisclosed amounts

Speaking to Coindesk, Tim Draper mentioned 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