For those wondering what the team has been up to, we are releasing a January update.
The team held meetings with partners and potential partners in the United States, Saudi Arabia, China, United Arab Emirates, France, Germany, and Holland comprising a significant amount of travel and resources. But partnerships are either in place or awaiting signature in most of these jurisdictions.
We also completed and published two whitepapers:
“The Potential Role of Tokenization in Affordable Housing” – This paper explores the unique use for tokenization to support the financing of affordable housing, a worldwide challenge exacerbated by the worldwide urbanization trend. Why is affordable housing such a special use case? It is because the tokens can serve double duty to not only expand the potential pool of capital available to finance this property class, but also to create meaningful financial incentives for tenant behaviors that are favorable to ownership, e.g., paying rent on time.
“Introducing PropAbilitySM” – This paper announces a data platform that we have been incubating within CPROP since the early days and you may have remembered from our whitepaper to which we referred as “Carfax for Buildings”. There are presently two products we are launching on this platform, one each for residential (hFAQSM) and commercial (cFAQSM). Both products are groundbreaking in their use of data and blockchain to create a higher level of transparency on residential and commercial buildings with several potential commercial applications. Read the paper to learn more.
The publishing of these Whitepapers has accelerated discussions with numerous large commercial and residential real estate players, which we believe will bear fruit soon. These efforts are in keeping with CPROP’s mission to bring practical, value-adding blockchain applications to the mainstream.
We are issuing a press release announcing a pilot of hFAQSM in partnership with RE/MAX Action First Realty, the largest RE/MAX franchise in the Tampa Bay region. You will see that shortly. We expect to expand that pilot beyond Tampa during the second quarter with a view toward scaling nationally by the end of 2019. Our development team is doing a great job getting the app field-ready and will continue to implement refinements as we move forward with the pilot.
We were invited to speak at a two-day executive symposium sponsored by Old Republic Title (ORT), the third largest title company in the US with annual revenue of $2.3 billion. Invited guests included ORT’s largest and best clients from the title agency, settlement services, brokerage and mortgage sectors. Sandy Selman spoke about technology trends, property tokenization, the launch of PropAbility and our Tampa pilot. Audience response, particularly to hFAQSM, was highly enthusiastic. One ORT executive stood up and commented that if our Tampa pilot is successful, CPROP will revolutionize the residential brokerage business. Several potential commercial collaborations with ORT are under discussion.
We filed paperwork for several exchanges to list the CPROP token. There were at least two exchanges to whom we did NOT apply as their NDAs were unacceptable and not in keeping with industry practice. But discussions with other exchanges are in process.
We continue to be concerned with the current state of the market and thus are not in a hurry to list. While we understand the need for liquidity, current market conditions continue to be very weak. In speaking with one large firm in EU, they have invested in 189 projects, over 100 of them are already dead, and only 29 have achieved listing, of which 28 are in steep decline. While we will continue to seek listings, we believe it is important for token holders to note the following:
Be assured we are working on all the above.
And, as always, thank you for your continued support of our project!
If you have any questions, we’d love to hear from you.
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