Propy, a California-based blockchain startup, has raised $15 million from 6,597 participants in its PRO token sale to put the international real estate market on the blockchain.
Participants contributed over 35125.243049431511114235 ETH and 1181.79122753 BTC into the sale. The token sale initially got a major boost with two separate pre-sale investments of $1 million. A further boost to early funding came in the first hour of the crowd sale with a $300,000 investment from the investment company RenGen.
“I’m incredibly excited to be a part of this innovative real estate project,” said the founder of RenGeN.
In addition, Crunch Fund also participated in the pre-sale with contribution totaling $100,000. Crunch Fund stated:
“Propy has an incredible team backing it and has already landed key contracts, proving the value of the platform.”
At present, the real estate industry faces a number of challenges including illiquidity and centralization, lack of international standards, and almost non-existent comprehensive technologies for electronic property rights transfers, among others.
Propy seeks to solve these problems. The Propy Registry, powered by smart contracts, tracks and executes real-estate transactions according to regional regulations. By using the Ethereum smart contracts, Propy allows brokers, buyers, sellers, and title agents/notaries to sign off on transactions using private keys within their existing legal frameworks.
Propy has partnered Chinese powerhouse Leju Holdings Limited to facilitate online real estate purchases by foreign investors. Propy also partnered with the government of Ukraine to allow online real estate purchases by foreign investors for the first time.
According to the official release, a first real estate transaction is underway, with prominent buyer TechCrunch founder Michael Arrington. As of January 1, 2018, new legislation will also allow foreign investors to purchase land in Ukraine, opening up the nation’s rich agricultural resources to international buyers. Pilot programs will be led by Propy in coordination with Ukraine’s Agency for E-Governance throughout the next year.
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