San Francisco and Kiev-based blockchain startup Propy, launched its Token Sale this week and it has already seen a great response. The crowd sale started at 6 AM PST on August 15th and had already raised over than $7.7 million. The project is being well supported by real estate innovators and cryptocurrency enthusiasts.
The development support of these individuals has been instrumental in allowing Propy to start towards its goal to release the decentralized Propy Title Registry, which it hopes will become the basis of a fully decentralized P2P real estate marketplace.
Global property store and decentralized title registry Propy, has partnered with the Ukrainian government to enable online real estate purchases by foreign investors.
Across the country, Propy will aim to enable Ukrainian properties to be sold entirely online.
Pilot programs will be led by Propy in coordination with Ukraine’s Agency for E-Governance throughout next year.
Propy has implemented smart contracts to track and execute real estate transactions, in accordance with the country’s national regulations. The company believes that this should help solve problems of real estate’s legacy registry systems and outdated property sales processes.
Through the implementation of Ethereum blockchain technology, Propy enables brokers, buyers, sellers, and title agents/notaries to confirm transactions within their existing legal frameworks. The Silicon Valley based company is advised by the founder of TechCrunch, Michael Arrington, Alain Pinel, Apple’s Daniel Kottke and Bessemer Venture Partners’ David Cowan.
The PRO Token
Propy’s PRO token will be required for interaction with the Propy Registry, specifically when users change ownership of a title or register a new title. ERC-20 PRO token will allow for both simple integration into users’ wallets and ease of use in traditional exchanges.
100,000,000 PRO tokens will be available for purchase in PRO’s token sale beginning August 15, 2017. More detailed information about the PRO token or token sale can be accessed on the company’s official website.