The National Association of Realtors is backing Propy, a Silicon Valley startup whose real estate software aims to automate real estate transactions and allows properties to be bought and sold in an automated digital process that includes the use of cryptocurrency, the association announced Monday.
Through its tech investment fund, Second Century Ventures, NAR has made what it called a “strategic investment” in Propy through its REACH Program, which helps new real estate tech companies launch and accelerate.
A blockchain-powered platform, Propy strives to digitize the real estate industry by automating purchase paperwork, wire payments and title recording, streamlining the process and providing secure database storage.
Through its Second City Ventures fund, NAR works to accelerate real estate technology, granting participants of its REACH Program access to the association’s 1.3 million members and participation at key industry events.
NAR CEO Bob Goldberg said it is eager to accelerate the growth of the companies it has chosen to be a part of REACH.
“Each of these companies understands how important technology is to the real estate industry and to driving innovation that allows Realtors to remain hyperfocused on the consumer,” Goldberg said.
“We believe Propy is at the forefront of bringing automation and blockchain to real estate with its easy-to-use platform for agents, buyers, and sellers,” added Propy CEO Natalia Karayaneva. “Working with Second Century Ventures and NAR executives will help achieving adoption of our products. We look forward to the next chapter in order to better our business tactics and goals at Propy.”