Blockchain Real Estate Startup Propy Receives Investment From US National Association Of Realtorsbr>
Second Century Ventures, the strategic investment arm of the National Association of Realtors (NAR), has invested in blockchain real estate startup Propy. The terms of the investments were not disclosed.
Propy is an international real-estate marketplace built on blockchain technology. It facilitates connections between the seller, buyer, realtors, title agent and/or notary to enable the seamless purchase of real estate online using the ethereum blockchain.
NAR’s strategic investment arm reportedly purchased a stake in Propy through its REACH accelerator program, which aims to bring together major technology disruptors in the real estate industry by selecting ten startups to enter each year
“The goal of the Reach accelerator is to offer education, mentorship, industry exposure and key networking opportunities,” Ashley Stinton, senior marketing and communications director at Second Century Ventures, told Forbes. “Blockchain can be an opportunity to drive efficiency and safety in various aspects of the real estate transaction through its ability to store and record data in an immutable fashion.”
The investment will allow the blockchain startup to tap into NAR’s network of 1.3 million real estate agents as they work to educate a larger audience about blockchain in real estate.
“You cannot buy real estate online as you do with books on Amazon,” Propy CEO Natalia Karayaneva told Forbes. “The reason for that is the lack of tools for online macro payments and online ownership transfer for high-value assets. Propy built both. The record on the blockchain provides an additional level of security of home ownership for the future. The convenience of this technology is in the transparency of the entire process.”