Propy, the global property store and decentralized title registry, has raised $14 million from 6,597 participants in its PRO token sale to put the international real estate market on the blockchain. Participants have contributed over 35125.243049431511114235 ETH and 1181.79122753 BTC into the sale.
Propy had a headstart on their token sale with two separate pre-sale investments of $1 million. Scott D. Hughes, who immediately saw the promise of the platform, said, “Real estate is a huge untapped market in smart contracts, and Propy’s technology is poised to disrupt the sector.”
“The Propy ICO is one of the most exciting opportunities I have seen in awhile,” said Debby Chiu “With the world more connected than ever, investors and would-be homeowners alike are looking for a better and easier way to buy and sell real estate internationally. Propy is well-situated to be that solution.”
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.
Crunch Fund also got in on the action with a pre-sale 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.”
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.
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.
Real estate’s illiquidity and centralization present significant inefficiencies for real estate investors, especially those purchasing properties abroad. There are currently no international standards or comprehensive technologies for electronic property rights transfers.
Legacy registry systems were created to handle local homebuyers, but are ill-equipped to manage international ownership transfer. To solve these problems, the Propy Registry is powered by smart contracts to track and execute 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.