The largest trade association in the United States, NAR, acquires shares in the blockchain real estate company Propy.

The National Association of Realtors (NAR), headquartered in Chicago, was established in 1908. It is the largest trade association in the United States with 1.3 million members, including NAR's research division, councils, boards, and residential and commercial real estate industries.

The National Association of Realtors' venture capital arm has acquired a stake in the blockchain-based real estate startup Propy. The association's real estate technology venture capital fund has made an undisclosed investment in Propy through its REACH accelerator program. According to Crunchbase data, Propy raised $15.5 million in an ICO in 2017. Propy allows users to transact real estate online and record transactions on the blockchain. Its blockchain platform connects real estate buyers, sellers, and agents, enabling property transactions to be completed in a paperless online process. Propy also offers real estate agent tools, including cloud-based agreement service provider DocuSign, to ensure reduced security risks such as wire fraud. As reported by CoinDesk, Propy collaborated with real estate brokerage firm Hilton & Hyland in May last year to auction a 17th-century Italian mansion on the blockchain. The company also helped TechCrunch founder Michael Arrington purchase a $60,000 apartment in the Ukrainian capital Kiev using smart contracts. Regarding the deal, Propy CEO Natalia Karayaneva stated: "We believe Propy can bring automation and blockchain to the forefront of real estate with an easy-to-use platform for agents, buyers, and sellers. Working with institutions like venture capital funds and the National Association of Realtors will help drive adoption of our product. We look forward to further realizing Propy's business strategies and goals." Join now to get the most comprehensive information on fintech, blockchain news, and industry examples!