Propy, a real estate tokenization platform, and Parcl, a DeFi protocol built on real estate data, have announced a new strategic partnership. It will enhance the analytics of all on-chain real estate minted on PropyKeys using Parcl’s data integrations.
Parcl and Propy revealed that more than $10 billion worth of U.S. homes have already been minted and are prepared for tokenization in the Propy ecosystem. The total value of all properties minted on the ecosystem dApp, PropyKeys, is projected to exceed $50 billion by year-end.
Under this new partnership, Propy will leverage Parcl Labs’ API to enhance valuation and analytics capabilities related to Propy’s PropKey initiative. The companies believe this should unlock future opportunities related to Propy’s efforts to bring more real estate markets (RWA) onto the blockchain.
To gain access to the API, Propy acquired and staked the $PRCL token, as Parcl Labs API access is a core utility of the PRCL Token. In three months, Propy and PropyKeys have successfully brought 200,000 addresses on-chain, including 80,000 U.S. homes minted by their true owners, many of which are currently for sale on-chain.
“Propy’s mission has always been to elevate and secure the real estate market, and our partnership with Parcl is taking this vision to the next level,” said Natalia Karayaneva, CEO of Propy. “By leveraging (their) advanced analytics and real-time housing data, we are providing unparalleled accuracy and transparency in property valuations, empowering our users with the best possible tools to navigate the on-chain real estate landscape.”
Parcl said it has identified a critical gap in the housing market industry: the lack of complete and real-time housing data for accurate market analysis, property valuation, and advanced analytics. In response, the company has developed technologies that aggregate data from more than 5,000 sources, covering rental, listings and sales activity, indexed and accessible at the property level.
“We are excited about the potential to power other on-chain applications by leveraging Parcl Labs data,” Parcl CEO Trevor Bacon said. “Propy is a leader in the RWA space and continues to push the boundaries of what can be achieved by bringing physical real estate on-chain. We expect the partnership to unlock more use cases for Propy and demonstrate what is possible for others looking to innovate in the real estate space.”