Global Property Store with Decentralized Title Registry

propy.com

One day, you decide to buy that cozy house in Greece where you spent your summer vacation. Money is no problem, nor is relocation - but your citizenship may harm your chance of success. You’re not Greek, and that’s your fault.

One Does Not Simply Buy Property Abroad
One Does Not Simply Buy Property Abroad

Don’t worry. You’re not the only one who has run up against these obstacles. Real estate lacks liquidity. That makes it difficult to buy and sell property overseas. Though property registries work well for local deals, no good solution exists for International transfers. You can’t just come over and say “Okay, I’ve got nothing to do with your country, but I want to buy a house here!” Purchasing property abroad like this inevitably leads to trouble:

  • A need to work with numerous intermediaries (brokers, escrow and land registry services, money transmitters)
  • Time-consuming and annoying paperwork
  • Property transfers that last for months
  • High risks of fraud

Solution

Propy saves you from these never-ending headaches. Their new approach lets you forget about delays and bureaucratic limitations. You have direct database access to all property for sale worldwide. The international marketplace acts as both unified property store and registry.

Being a client of Propy, you are equipped with effective tools for research, payments, and for recording ownership of international property online:

  • Simple cross-border payments
  • Quickly search all real estate on sale in a particular area. More offers are available in large cities such as New York, Dubai, and Beijing.
  • Details of all the transfers and ownership are recorded on the Ethereum blockchain
Propy helps sellers, buyers, and brokers make secure agreements and initiate transactions. Propy records every real estate transaction on the Ethereum blockchain. From the property reservation to the signing of the purchase agreements. The process is then executed with smart contracts. The blockchain's transparency makes it easy to tell if someone is taking advantage of you.
ICO Campaign

Propy made their first announcement on September 15th, 2016. A year later, they launched their ICO. With the help of Orderbook, the white label cryptocurrency exchange, Propy sold 15,370,280 PRO for $1. They raised over $15 million . This sum was equal to 35125 ETH and 1182 BTC.

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Implementation

The first real estate deal completed entirely on the blockchain took place in October 2017. An apartment in Kiev, Ukraine sold for $60,000 . With Propy's help, the seller and buyer made all agreements, closed the deal, and passed ownership rights without a single meeting.

The Role of Ambisafe

Ambisafe issued the tokens sold by Propy during their ICO. We built Propy's token economy and made sure everything worked. Today, our engineers continue to write smart contacts for Propy. Real estate regulations vary throughout the world. It is important to take these nuances into account. That requires hundreds of smart contracts, designed to meet the requirements of each country where Propy operates.