Propy, Inc., a Silicon Valley property technology (proptech) startup, has announced the completion of two blockchain-recorded property deals in Japan, a first in Asia, the startup said on Thursday. The news marks Propy’s first steps into the Asian market.
The two properties are residential plots of land located in the St. Moritz neighborhood of Niseko, Japan. The properties were purchased using Japanese yen by a group of Hong Kong investors.
Hokkaido Tracks Real Estate was the estate agent in charge of the sale of the properties. Sales and operations manager Paul Butkovich said:
Each step of the transactions was completed on Propy’s Transaction Platform, a platform aimed at facilitating cross-border deals by enabling different parties including buyers, sellers, agents, and lawyers, to communicate and sign contracts securely and conveniently.
The platform, which enables the buying and selling and properties using major currencies as well as cryptocurrencies, acts as a property listing site and leverages blockchain technology to allows for ownership rights to be stored on a decentralized, immutable title registry.
Commenting on the announcement, Propy CEO and founder Natalia Karayaneva, a real estate professional and a former software engineer, said:
The first deeds recorded by Propy on the blockchain were made in May and June 2018 and the San Francisco Recording office holds a deed containing this information.
Propy recorded its first property sale in the European Union (EU) in October 2018.
This news comes on the heels of Propy’s recent announcement surrounding their transactions in California that were completed on the blockchain, as well as it launching a pilot program in Vermont to record conveyance documents on its decentralized title registry.