Last week, UK-based property blockchain firm Coadjute announced the close of a multi-million pound investment. The funding round was led by Switzerland-based Blockchain Valley Ventures, with participating investors including Ahimsa-Esya Capital, Odysseus Investment, and R3 CEO David E. Rutter, in his personal capacity.
Coadjute leverages R3’s Corda Enterprise, offering an open network to connect businesses that participate in property transactions such as lawyers, estate agents and banks. Those involved in the process, the buyers, sellers, and professionals, can use the platform to manage alerts and events in real-time, as well as safely and securely communicate and share confidential information.
Businesses are able to use Coadjute’s network through their own systems. It has also integrated its solution with many of the existing UK property platforms such as dezrez, Reapit, MRI, Redbrick and VTUK. Coajute predicts that with blockchain, property transaction times can be reduced from three months to three weeks.
“We think Coadjute solves some real pains in the industry,” said Paolo Guida, Head of Investments at Blockchain Valley Ventures.
“The UK Property Market has been demanding improved connectivity for years, and in a rapidly changing environment needs it more than ever,” said Dan Salmons, Coajute CEO. “We’ve spent 18 months developing our unique blockchain network in industry pilots and are now preparing for launch.” Coajute hopes to launch in the UK before the end of the year.
Coadjute, previously named Instant Property Network (IPN), has seen steady progress since its founding in 2018. In April 2019, Coadjute, then IPN, completed a trial of its platform with over 40 organizations, including Barclays Bank, RBS, and leading UK law firms Ashurst and Clifford Chance. The trial connected all parties in real estate transactions through its platform, without e-mails and telephone calls. In September, Coajute raised £750,000 ($938,000) in a seed round, bringing Natwest Bank into the fold shortly thereafter.
Blockchain-based real estate platforms have picked up speed globally. In July 2019, bitFlyer and Sumitomo announced their partnership for a blockchain-based home rental contract platform and recently released the pre-commercial version. Several big names are participating in its development, including TEPCO, Tokyo Gas and Nippon Gas for utilities, and Sony Network Communications for communications. It’s expected to launch fully next year.