Propy, a blockchain-based startup developing a decentralized property registry and global real estate marketplace, has concluded a token sale generating US$15 million in capital from more than 6,500 p
Propy, a blockchain-based startup developing a decentralized property registry and global real estate marketplace, has concluded a token sale generating US$15 million in capital from more than 6,500 participants. Prior to the main offering, the company had accumulated US$2 million in pre-sale funding. Notable backers of the venture include investment firm RenGen and early-stage investor CrunchFund.
The California-headquartered company is harnessing blockchain technology to address obstacles in international property transactions. The platform operates as a peer-to-peer real estate exchange built on blockchain architecture, designed to simplify property transfers at scale. Core to this infrastructure is the Propy Registry, constructed atop the Ethereum network. This system employs smart contracts to record and manage property ownership across borders while ensuring transactions conform to applicable local legislation. The design allows real estate agents, buyers, sellers, and title professionals to complete transactions within their respective legal environments.
Propy has recently forged strategic partnerships suggesting momentum in adoption. Leju Holdings Limited, a dominant Chinese digital real estate platform offering e-commerce capabilities and property listings, has signed on to collaborate with Propy. The partnership is geared toward facilitating international buyer access to residential and commercial properties within China.
Even more notable is Propy's collaboration with the Ukrainian government to launch a pilot program focused on blockchain-enabled property transactions and digital ownership verification. The program intends to streamline foreign investment in Ukrainian real estate and enable properties to be bought and sold entirely through digital channels. The partnership arrives as new legislative measures—effective January 01, 2018—are poised to grant non-citizens the ability to purchase land, potentially opening Ukraine's agricultural reserves to worldwide investors. Throughout 2018, Propy will operate pilot activities in partnership with Ukraine's Agency for eGovernance.
Michael Arrington, who founded both CrunchFund and TechCrunch, has announced plans to execute the first real estate deal on the platform. Oleksandr Ryzhenko, chief of Ukraine's State Agency for eGovernance, characterized the partnership as part of a wider initiative positioning Ukraine as "one of the world's leading blockchain nations."
Ukraine's blockchain integration agenda encompasses more than real estate infrastructure. During April, the state agency finalized a partnership with BitFury to incorporate various government records onto a blockchain system aimed at enhancing operational effectiveness and transparency. Just this month, Ukraine's justice ministry conducted its first blockchain-based auction for seized property, with plans to transition all state property and title registries to blockchain infrastructure before the year concludes.
