Propy Brings Blockchain Real Estate Technology to Japan

Propy Brings Blockchain Real Estate Technology to Japan

September 5, 2019
Photo credit: Getty Images/metamorworks
Propy Inc., a blockchain start-up based in Palo Alto, Calif., has entered into partnership with Escrow Agent Japan Co. (EAJ), the largest escrow service provider in Japan.
The partnership is the first in Asia for Propy, which recently received a strategic investment from Second Century Ventures, a real estate technology fund backed by the National Association of Realtors. In February 2018, Propy coordinated the first U.S. application that combined blockchain with real estate finance via a pilot project in collaboration with the City Clerk's Office of South Burlington, Vt., that utilized blockchain technology to record real estate conveyance documents–the groundbreaking transaction was a property record transfer from an individual to her limited liability company, with the $10 transfer fee and property records registered through the public Ethereum blockchain.
In April, Propy completed two blockchain-based real estate deals in Japan, bringing this technology solution to that country’s real estate market.
“By partnering with Escrow Agent Japan Co., we expect to get scaling in Japan,” said Natalia Karayaneva, CEO at Propy, Inc. “While we’ve been focusing on the U.S. market, the Japanese market, being historically innovative, is a natural choice for the first step in global expansion.”