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US Realtors' Association Invests In Blockchain Startups Propy, ReConsortia

usassociation jun11 lt

National Association of Realtors or NAR, the largest trade association in the U.S., made investments in two blockchain startups.

Propy, a real estate startup, has announced a strategic investment from NAR's real estate technology VC fund Second Century Ventures. Further, Forbes reported that Second Century has invested in reConsortia, which tracks referrals using a blockchain.

The investment in Propy's proptech platform will help leverage the NAR's network of 1.3 million realtors or its members.

Propy CEO Natalia Karayaneva noted that the record on the blockchain provides an additional level of security of home ownership for the future. The technology also provides transparency to the entire process.

Forbes reported that Propy, which claims to be the first real estate company to take blockchain technology global, projects to record $4 million in annual recurring revenue by the end of 2019 in sales of SaaS products. The company raised most of its money through a $10 million initial coin offering in 2017.

reConsortia, which helps log and organize referrals more cleanly, is also part of the first group of companies in Second Century's 2019 REACH accelerator program.

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