CrunchFund, a venture capital firm (VC) founded by Michael Arrington, recently sold its old headquarters. The transaction was done with the use of blockchain-backed Propy, marking yet another landscape deal for blockchain. Cryptoslate reported that the condo, located in San Francisco, went for around $1.6 million and is another transaction successfully completed through blockchain.
The sale of VC firm CrunchFund wasn't really big news. However, for those who are following proptech as well as the development of digital real estate, the sale represents a step going into a big leap. The company's founder, Michael Arrington, said that the Propy transaction was becoming an "increasingly popular" trend and that the platform was a "stellar product."
There have been many reactions to the tweet Michael Arrington sent out. Most of these have been largely positive, and have been from followers of the disruption of real estate by blockchain technology. The biggest tweet of support came from Changpeng Zhao, CEO, and founder of Binance, who congratulated the founder on the successful transaction.
The blockchain sale is not CrunchFund's only accomplishment of late. It had also been busy searching for a suitable partner. Tech Crunch announced that the company had found a partner, and it did not need to look far and wide for her. Susan Hobbs was announced as a new partner, joining the company after serving as Y Combinator's director of programming and events.
Hobbs was also connected with publication Tech Crunch for some time, serving as director of global programming. She helped in selecting and appointing tech leaders who served at the Disrupt sector of the company. With CrunchFund currently rising a $30 million fund as a target, it needed able hands to help, and it deemed that Hobbs was perfect for the job.
Michael Arrington's long-time friend and VC partner Patrick Gallagher stayed on as managing partner in the firm. According to reports, the CEO had stepped away from the company only this spring to focus on getting better, as his health got the better of him. Arrington is still with the company, however, but chose to serve in a capacity as advisor,
The transaction that CrunchFund completed on Propy is a big win for two things; one, it demonstrated how Propy can be used to complete real estate transactions successfully, and two, it also shows how companies like CrunchFund is dedicated to exploring the possibilities of blockchain, its many capabilities, and how these can make transactions and deals better.
Read more here.