Propy Raises $15 Million in ICO to Decentralize Real Estate Sales and Attract Foreign Investors

6,597 participants support Propy’s mission to put trillion-dollar real estate market on the blockchain

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Propy,  the global property store and decentralized title registry, has raised $15 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.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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