Fortune Views

― Advertisement ―

spot_img

Despite $75B in VC Investments in Q4, Startups Struggle to Secure Funding

Venture capital investment in U.S. startups surged to $74.6 billion in the fourth quarter of 2024, a significant rise from the $42 billion average...
HomeTechnologyBlockchainThree Leading UK Banks Invest $12M in Blockchain Real Estate Network

Three Leading UK Banks Invest $12M in Blockchain Real Estate Network

Lloyds Bank, Nationwide Building Society, NatWest Group, and Rightmove have collectively injected £10 million into Coadjute, a blockchain enterprise aimed at revolutionizing property transactions. This investment is set to enhance Coadjute’s platform, which operates on the R3 Corda blockchain, facilitating a real-time network for the property market that connects all parties involved in property transactions.

Coadjute’s platform offers an array of features that streamline the process of buying and selling property. These include the aggregation of property data, progress tracking, secure digital identity and document exchange, messaging, and electronic signature capabilities. The use of blockchain technology ensures that these transactions are secure and that the data integrity is maintained, offering enhanced security and privacy.

The platform has seen adoption among leading conveyancers and estate agents, as reported by Coadjute CEO Dan Salmons. However, despite this progress, there is still a journey ahead to achieve nationwide adoption. The fresh influx of £10 million is expected to accelerate the move towards this goal, boosting Coadjute’s total funding to £23 million since its inception in 2018. This round of funding is notable for being the first to include mortgage lenders.

The investment will be pivotal for Coadjute’s strategy to expand across the nation and integrate more mortgage brokers and lenders into its network. The company’s prior collaboration with the Bank of England on Project Meridian, which developed a digital settlement prototype to streamline conveyancing payments, has already set a precedent for its capability to innovate within the property transaction space.

Henry Jordan, Nationwide’s Director of Home, highlighted the importance of Coadjute’s technology in transforming the home buying process into a more integrated and efficient experience. The investment by these leading financial and property institutions reflects a strong belief in Coadjute’s potential to be a transformative force in the property industry, promising to streamline the transaction process and enhance the overall efficiency of the property market.