South Africa based Prosoperiprop’s ICO closed last Thursday, with the company has raised just over $200,000 (R2,836,360). Unphased by falling short of their $20 million targets, Prosperiprop’s CEO, Llewelyn Morkel, stated that they had raised “more than enough” to develop blockchain based software that would enable financial institutions to offer property investment products to low-income investors.
The Prosoperiprop train will steam ahead, say’s Morkel, with PropX tokens having been distributed to investors, and listed on IDEX exchange.The company will also be taking a new direction by developing the PROPX NanoChain, in collaboration with Lucid Ocean, with funds raised from the ICO going towards funding development.
If you hold PropX tokens you may want to hold on to them, as demand for the token will likely go through the roof once the NanoChain goes live, and PropX tokens will power transactions on the platform, the same way ETH powers transactions on the Ethereum network.
Repositioning Prosperiprop as a managed software solutions firm removes the regulatory compliance schlep in the territories it will operate. Saving both time and money, in bringing the product to market.Prosperiprop had intended to close the ICO on October 31st but extended it, in order to inform PropX investors of the new direction, and the startup’s plan to drive token value.
The new NanoChain offering is far simpler to understand than the previous business model and sees Prosperiprop becoming a Business-to-Business service provider as opposed to the executing institution, opening up wider opportunities for market penetration.
The Prospoeriprop project still promises to allow for the inclusion of Joe Average in property investments, We’ll just have NanoChain powered investment vehicles being offered by banks and investment institutions. If firms like Sanlam and Old Mutual add products allowing for various kinds of property investments, we’re looking at billions that could potentially be unlocked by blockchain technology.