Propy has made a transpacific partnership with Escrow Agent Japan Co. (EAJ), a major Japanese escrow company. The agreement follows the April 16, 2019 announcement of two successful blockchain-based real estate transactions completed in Japan via Propy’s transaction management platform.
With the new opportunity, Propy expects to extend its influence in the Japanese market. Together with EAJ, Propy plans to launch a transaction management platform equipped with blockchain recording functionality that will prevail in the local real estate space.
“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,” says Natalia Karayaneva, CEO at Propy. “We expect that the partnership with Escrow Agent Japan Co. will help us scale in Japan. While we’ve been focusing more on the U.S. market, the Japanese market, being historically innovative, is a natural choice for the first step in global expansion.”
What Is Escrow Agent Japan Co.?
As a public company, EAJ has made some significant achievements in the real estate space. EAJ has been a pioneer in providing escrow services in Japan. Additionally, the company was the first one in Japan to introduce a unique cloud-based service (“H’OURS”) to connect all real estate parties that are involved in a property closing process through a cloud system.
As one of the most trusted escrow firms in Japan, EAJ provides regional expertise that aligns well with Propy’s technological know-how. With the partnership, Japanese real estate brokerages and agents will find the process of choosing the new transaction management platform for the real estate closing process to be even more convenient.
The Significance of the Propy and EAJ Partnership
Propy’s technology and expertise in the PropTech space represent tangible value for the Japanese real estate market. Together with Propy, EAJ will help bring blockchain technology to the real estate industry in Japan. By combining their experience and technological capabilities, the two companies will work on building an innovative solution that is designed to meet the needs of Japanese brokerages and agents.
Propy’s anticipated growth in Japan is good news for the company, its employees, and its investors. It is also music to the ears for anyone who is planning to use blockchain tech to buy or sell a home in Japan in the coming years.