National Association of Realtors (NAR) Invests in Blockchain Startup Propy
The National Association of REALTORS® (NAR), America’s largest trade organization, has invested in blockchain real estate startup Propy – a partnership that allows Propy to tap into 1.3 million U.S.-based real estate agents. Utilizing the Ethereum blockchain to record transactions, Propy’s distributive technology enables users to buy and sell real estate online in a streamlined, paperless process. Propy CEO Natalia Karayaneva says that they’re the first real estate company to take blockchain global. “You cannot buy real estate online as you do with books on Amazon,” said Karayaneva in an email to Forbes. “The record on the blockchain provides an additional level of security of home ownership in the future. The convenience of this technology is in the transparency of the entire process.” Propy seeks to replace escrow agents and other middlemen to facilitate an automated and more transparent way for Americans to purchase their next home. The listing platform also offers sellers and their real estate agents to tap into 30+ countries and connect with overseas buyers and investors.
The deal between NAR and Propy was lead by Second Century Ventures, NAR’s venture capital arm, which typically selects up to 10 technology startups per year to enroll in its nine-month REach® Growth Accelerator program.