U.S. real estate association invests in blockchain startup

Layer 1s • June 10, 2019, 11:59AM EDT
UPDATED: June 10, 2019, 12:16PM EDT
The Block

U.S. real estate association the National Association of Realtors (NAR) has invested in a blockchain real estate startup Propy, CoinDesk writes. The investment came from NAR’s VC fund Second Century Ventures via its REACH accelerator program. The company received $15.5 million in an initial coin offering back in 2017.

Propy is a blockchain platform connecting real estate buyers, sellers, and brokers and allowing them to carry out a traditional real estate deal online. It also offers a deed registration tool, blockchain title registry, and a listing platform.

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“We believe Propy is at the forefront of bringing automation and blockchain to real estate with its easy-to-use platform for agents, buyers, and sellers,” said Propy CEO Natalia Karayaneva. “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.”

In 2017, the company helped TechCrunch founder Michael Arrington to purchase a flat in Ukraine remotely, with the use of a smart contract. The $60,000 transaction was settled in ether and PRO (Propy) tokens. 

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