U.S. National Association Of Realtors (NAR) Invests In Propy Blockchain Platform
National Association Of Realtors Invests In Propy Blockchain Platform
- The NAR invested an undisclosed amount in Propy with their investment arm.
- Propy was originally established in 2017, establishing the PRO utility token for global real estate efforts.
Blockchain technology is emerging in multiple industries, and real estate is starting to see its worth even more vividly. According to reports from Forbes on June 10th, a real estate platform named Propy has received an investment from the National Association of Realtors (NAR), by way of the Second Century Ventures. The NAR is known as the biggest trade association in the United States with 1.3 million members.
Speaking about this investment, the CEO of Propy, Natalia Karayaneva, commented that Propy is paving the way for real estate to have both automation and blockchain as the platform. Karayaneva added,
“Working with Second Century Ventures (SCV) and NAR executives will help achieving adoption of our products. We look forward to the next chapter in order to better our business tactics and goals at Propy.”
The total amount invested in Propy is not disclosed yet, but the investment is part of a bigger effort to maximize REACH, a commercial real estate technology accelerator. The REACH program was launched in February this year, and it is the first accelerator of this natural to connect other tech disruptors in real estate. In doing so, the accelerator chooses ten startups to integrate each year. With Propy, Second Century Ventures wants to use blockchain technology because it allows for immutable data storage in real estate transactions, according to Ashley Stinton of the senior marketing and communications sector.
Propy was founded in 2017 as a real estate transaction management platform, making it possible to perform transactions online for properties. That year, the company used an initial coin offering (ICO) to bring in $14 million with their PRO utility token, which is another part of their efforts to create an ecosystem that can thrive on its own in the global real estate sector.
The goal of Propy is to completely eliminate the need to have a third party involved in real estate transactions, while offering more security and transparency. The report from Forbes states that there are already over 30 countries to have listings with Propy, and that the business expects to see $4 million annually in recurring revenue for this year, based on their software as a service (SaaS) product sales.
A pilot program in Vermont used their collaboration with Propy last year to complete their first real estate transaction to be entirely cased on the blockchain.