The National Association of Realtors (NAR) – a high-profile, US-based trading organization – has reportedly poured money into the blockchain-powered, real estate start-up Propy.
Reported by Forbes on June 10th, Second Century Ventures – the tech-related, venture capital investment arm of NAR – has put an unrevealed sum of money in the Ethereum blockchain-based real estate platform Propy, via its commercial real estate technology accelerator REach.
Officially introduced in February this year, the REach program is an unprecedented type of commercial accelerator, designed specifically to become a platform that gathers top-tier, tech-focused disruptive forces in the real-estate business, by choosing 10 startups to take part in yearly.
According to Ashley Stinton – senior marketing and communications director at Second Century Ventures – with the decision to invest in Propy, the program aimed to enhance its operating processes, via blockchain tech integrated with real estate transactions, due to well-established data storing system.
Established in 2017, Propy is a worldwide management service provider for the real estate industry, enabling its customers to conduct online-based real estate trading activities. In 2017, Propy previously secured approximately $14 million in an ICO via its utility token PRO.
Thanks to the features of its blockchain-powered platform, Propy are able to facilitate any real estate transactions without a third party, help to provide extra security and transparency for its customers. As stated by Forbes, Propy currently has real estate listings across 30 nations and looks to reach a yearly recurring revenue of $4 million, in sales of software as a service (SaaS) products, by the last quarter of 2019.
NAR is reportedly the biggest trade association in the US, with nearly 1,3 million members across the real estate industry.