Propy – The Global Property Store Raises Nearly $8 Mn
Propy has just launched its Token Sale recently and it has already been a success. Propy – The Global Property Store Raises Nearly $8 Mn. The crowd sale has raised more than $7.7 million. Real estate innovators and crypto currency enthusiasts are becoming part of the project by contributing toward its development. The activity and the enthusiasm of the participants has allowed Propy to look forward to achieving its goal to release the decentralized Propy Title Registry, which the company hopes will become the core of a purely decentralized P2P real estate marketplace.
Propy – The Global Property Store Raises Nearly $8 Mn. Propy, the global property store and decentralized title registry, is partnering with the government of Ukraine to allow online real estate purchases by foreign investors. From the capital Kyiv to the Black Sea beach cities, Propy will enable Ukrainian properties to be sold entirely online. Pilot programs will be led by Propy in coordination with Ukraine’s Agency for E-Governance throughout the next year. The Head of the State Agency for eGovernance of Ukraine, Oleksandr Ryzhenko outlining the country’s block chain strategy said, “Our ambition is for Ukraine to be one of the world’s foremost nations in establishing a comprehensive block chain ecosystem. And the real estate sector forms an important part of our overall block chain strategy, adopting block chain’s transformational technology will benefit all counterparties in real estate transactions through fostering greater transparency, efficiencies, security, and compliance.”
The CEO of Propy Natalia Karayaneva said, “Ukraine’s recent commitment to build a block chain-based internal government database with Bitfury was a great first step. Ukraine’s government is strongly interested in building upon this progress by leveraging Propy’s technology to facilitate online real estate transactions to attract foreign property investors. While this clearly benefits the Ukrainian real estate market, it also allows foreign investors to purchase enticing properties in a very low-price range, all with the benefits and security that Propy provides.”
To solve problems of real estate’s legacy registry systems and outdated property sales process, the Propy uses smart contracts to track and execute real estate transactions according to regional regulations. By using the Ethereum block chain, Propy allows brokers, buyers, sellers, and title agents/notaries to sign off on transactions within their existing legal frameworks.