The blockchain technology is expanding in interesting directions, and we have lesser-known crypto companies such as Propy to thank for it. The State of Vermont in the US has reportedly signed a bill into law to start supporting blockchain developments. Here’s more about the new legislation, and Propy’s Land Records project.
New Vermont Law Helps Blockchain Companies like Propy
According to a press release, Vermont Governor Phil Scott, signed a legislation supporting the development of blockchain businesses in Vermont. With this new law, the blockchain technology must be reviewed as a method to securely record public ledgers such as land and real estate. This is a huge step for blockchain businesses in Vermont who can now freely operate there.
Propy, the world’s pioneer in blockchain for real estate, is planning to back this legislation up by providing blockchain education and creating the first property deed in the US, according to its CEO, Natalia Karayaneva. She was featured at the public signing ceremony. According to the press release, Propy has recorded the first ever government-supported real estate deals in the US on the blockchain. Vermont’s Governor, Phil Scott signed the law bill on August 28th, and specifically thanked Propy and its CEO Natalia for “spearheading this project.” He is hoping for it to “make government more efficient, cost-effective and ultimately saving Vermonters money”.
About Propy and its Token, PRO
So what is Propy anyway? The California-based company aims to solve the problems of purchasing property remotely and even across borders. It raised $15 million in a sale of its PRO tokens last year and offers products including a Listing Platform, a blockchain Transaction Platform and a Blockchain Registry for land records. The essential steps to acquire real estate on the Propy Registry includes the execution of the Deed Contract and Title Contract.
Despite its involvement with Vermont’s blockchain approval, its token PRO continues to consolidate near all-time-lows at around $0.35, below the daily Ichimoku cloud.
It did have a massive, short-lived spike to 0.70 on August 18th. But the cloud and the 23% Fibonacci retracement level at $0.50 are acting as a strong resistance. This potentially means the traders are either not yet familiar, or not confident enough in the PRO token as of yet. However, the signing of Vermont’s new law marks Propy’s progress in supporting blockchain-friendly initiatives.
Propy currently ranks 424 based on market capitalization, has a total supply of 100 million PRO tokens with above 19 million of it currently circulating. You can purchase Propy’s PRO token on exchanges such as Huobi, Bittrex, Liqui, and Upbit, versus cryptos such as Bitcoin, Ethereum, and Tether. It is not yet available for trade against fiat currencies such as the US dollar.
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