Major UK bank bets £10m on blockchain

Aiming to modernize property transactions, Lloyds Bank, Nationwide Building Society and NatWest Group, along with property portal Rightmove, are investing a total of £10 million in Corjute, a blockchain company specializing in property transactions. invested.

Coadjute leverages the power of the R3 Corda enterprise blockchain platform to establish a real-time network dedicated to real estate transactions. This infrastructure serves as a connectivity hub for various parties involved in real estate transactions, including buyers, sellers, and real estate professionals.

“We want to work with estate agents, conveyancers and brokers who join our network to transform the experience of moving in the UK, making it faster, easier and safer for everyone in the future. ,” said Dan Salmons, CEO of Corjute.

The platform features a comprehensive suite of features including real estate data integration, real-time progress tracking, secure exchange of digital IDs and documents, easy messaging, and electronic form signing.

Through end-to-end encryption, the platform also protects data integrity throughout its lifecycle, enhancing security and privacy for all participants involved in real estate transactions.

The investment by a prominent UK bank confirms the growing awareness of blockchain technology’s potential to revolutionize traditional industries.

“Buying a home is one of the most complex and stressful things people will ever do in their lifetime,” said Henry Jordan, director of housing at Nationwide.

“We need to streamline the home buying process into a single, integrated process for the benefit of both consumers and industry participants. We are investing in Coadjute because its technology will help achieve this. We believe it has the potential to revolutionize the real estate industry.”

This round of funding brings Coadjute’s total investment since its founding in 2018 to £23 million. Notably, this is the first time a mortgage lender has been involved in the company’s financing activities.

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The new capital injection will further Coadjute’s ambitious national expansion strategy and accelerate its integration into its network of mortgage brokers and lenders. The company previously worked with the Bank of England on Project Meridian, which aimed to streamline the transmission of payments through digital payments, laying the foundations for its current efforts.

“We see great potential to digitize and improve the moving experience for consumers. We believe we can meaningfully remove some of this,” said Johan Svanstrom, CEO of Rightmove.

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