3 Major UK Banks Bet On Blockchain Property Network With $12M Backing

CryptoNews.com

2024-04-02 21:55:33

Shalini Nagarajan

Last updated:

April 3, 2024 01:55 EDT | 1 min read

Lloyds Bank, Nationwide Building Society, NatWest Group, and property portal Rightmove collectively invested £10m (about $12.6m) in Coadjute, a blockchain firm focused on property transactions, according to a press release Tuesday.

Leveraging the R3 Corda enterprise blockchain platform, Coadjute facilitates a real-time network dedicated to the property market. This infrastructure connects various stakeholders, including buyers, sellers, and property professionals.

It offers a comprehensive suite of functionalities, enabling the consolidation of property data, progress tracking, secure exchange of digital identities and documents, facilitated messaging, and electronic form signing.

Coadjute’s implementation of blockchain ensures a secure environment for property transactions. By employing end-to-end encryption, the platform safeguards data integrity throughout its lifecycle, bolstering security and privacy for all participants.

PropTech Platform Sees Adoption by Leading Conveyancers and Estate Agents

Coadjute CEO Dan Salmons told Legal Futures that many leading conveyancers and estate agents have already ado

pted the platform. While acknowledging the positive traction, he conceded that there’s still progress to be made towards nationwide implementation. The new investment will catalyze achieving this objective.

This recent funding round elevated Coadjute’s total investment to £23m ($28.9m) since its inception in 2018. Notably, it marks the first participation by mortgage lenders in the company’s funding.

Earlier, Coadjute garnered support from investors including Blockchain Valley Ventures, Odysseus Investments, and Ahimsa-Esya Capital.

Following Project Meridian Success, Coadjute Secures Funding for Expansion

The newly acquired investment will fuel Coadjute’s national expansion strategy and facilitate the integration of mortgage brokers and lenders into its network.

The firm previously collaborated with the Bank of England on Project Meridian last year. This successful initiative aimed at creating a digital settlement prototype to expedite conveyancing payments by establishing a more efficient connection between banks, conveyancers, and the HM Land Registry.

Nationwide’s Director of Home, Henry Jordan, emphasized the need for a streamlined and integrated home buying experience. He said Coadjute’s technology is a potential catalyst for achieving this transformation within the property sector. “We’re investing in Coadjute because we believe its technology has the potential to achieve this and be a game changer for the property industry,” he added.

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