3 Major UK Banks Bet On Blockchain Property Network With $12M Backing
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.
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.
The newly acquired investment will fuel Coadjute’s national expansion strategy and facilitate the integration of mortgage brokers and lenders into its network.
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