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Sunday, 13 October 2019
Agent Resource Center

Propy Announced Partnership with Escrow Agent Japan Co.

Written by Escrow Agent Japan Co., Ltd. Propy, Inc. Posted On Wednesday, 11 September 2019 16:33

Palo Alto, CA: Today, Propy, Inc. (Propy) announced a new partnership with Escrow Agent Japan Co. (EAJ), the largest escrow service provider in Japan. This partnership will help Propy expand to the Japanese market and, together with EAJ, launch a transaction platform equipped with blockchain recording functionality for the local real estate market.

1. Purpose of collaboration 

PROPY aims to standardize international transaction closing and provides online registration application and transaction history recording in the blockchain with its platform system. Propy has already spread its business internationally including the business with governments of Ukraine and Vermont. The transaction platform is built in a way to be easily adaptive to any jurisdiction. Transactions have been executed in California, Arizona, Vermont, Michigan, Spain, Bulgaria, Ukraine, and Japan, with the majority in the US. 

This year in April, we introduced our technology to the Japanese market for the first time by successfully completing two blockchain-based real estate deals which validated the flexibility of the platform for its future global expansion.” says Natalia Karayaneva, CEO at Propy, Inc. “By partnering with Escrow Agent Japan Co., we expect to get scaling in Japan. While we’ve been focusing on the US market, the Japanese market, being historically innovative, is a natural choice for the first step in global expansion. 

In addition, Propy is nominated as a real estate tech venture company, one of eight companies selected from about 3,000 companies in the “REACH” accelerator program backed by the VC arm of the National Association of REALTORS® (NAR), Second Century Ventures. EAJ provides solution services such as H’OURS®, Real Estate Transaction Guarantee® and so on in response to needs for rationalization of operations and realizes safe and secure transactions in the Japanese real estate market. 

In this collaboration, EAJ aims to establish an international real estate platform with Propy, which plans to advance into Japan. By the blockchain recording function, the platform can complement the time lag for registration to the Legal Affairs Bureau of Japan and realize secured “24-hour 365 days closing”. It will be helpful to the homebuyer, the seller, agents, and brokerages. 

* “H’OURS” and “Real Estate Transaction Guarantee” are registered trademarks of EAJ. 

2. Future efforts 

EAJ provides support for Japanese localization of the real estate transaction platform provided by PROPY. Additionally, through API linkage to EAJ's H'OURS Operation Cloud (a cloud-type progress management system dedicated to H'OURS®), we will jointly develop functions necessary for business development in Japan and aim to start services in Japan. 

3. Overview of each company 

(1) Escrow Agent Japan Co., Ltd. Name : Escrow Agent Japan Co., Ltd. Location : Shin-Otemachi Building, 4th Floor, 2-2-1 Otemachi, Chiyoda-ku Representative: Hideaki Honma, CEO Business : 1. BPO service - Consignment and temporary staffing for real estate field 

2. Escrow service - Various closing support services, system provision Capital : 405 million yen (as of the end of February 2019) Date of Est. : April 2007 URL : http://www.ea-j.jp/ 

(2) Outline of PROPY, Inc Name : PROPY, Inc Location : 725 Alma Street, Palo Alto, California, USA Representative: Natalia Karayaneva, CEO Business : Operation of international real estate portal, real estate transaction system utilizing blockchain, Issuing real estate virtual currency Date of Est. : May 2016 URL : https://propy.com/ Email : This email address is being protected from spambots. You need JavaScript enabled to view it. 

About Propy: Propy is the world's leading real estate transaction platform that streamlines the purchase process via blockchain technology. All parties in the transaction such as buyers, sellers, agents and closing parties come to the platform to close the purchase online, without the need for in-person meetings. While the majority of the platform’s transactions have been executed in the United States, the transaction platform is built to be easily adaptable to any jurisdiction. Propy executed the first-ever transactions via blockchain in the world, as well as the first ones in California (U.S.), Arizona (U.S.), Vermont (U.S.), Michigan (U.S.), Spain (EU), Bulgaria, Ukraine, and Japan. 

4. About H'OURS® 

EAJ's non-face-to-face closing service “H'OURS” has been performed in the presence of settlements, where real estate transaction parties (sellers, buyers), real estate agents, judicial scriveners, and EAJ collaborate within the cloud system. By carrying out the procedures and confirmations by the settlement date, customers can securely settle without meeting on the settlement day. As a result, H'OURS® can reduce agent’s holiday work, and contribute to reforming the work style and improving the productivity of the real estate agent.

 

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