Ohio based blockchain real estate transaction startup SafeChain has raised a $3m Series A round led by NCT Ventures.
Purchasing real estate today is an inefficient and paper based process that often requires 30 days and up to a dozen different entities to complete a transaction. In addition to inefficient processes, there was over $1 billion in attempted wire fraud in the US alone last year according to the FBI. SafeChain’s beachhead product, SafeWire, solves this problem using a unique multi-factor authentication mechanism. This is just the first step in SafeChain's vision; the company's goal is to use blockchain technology to facilitate 30 second real estate transactions.