Wilmington, Del.-based startup Ubitquity LLC has raised $798,300 from investors, including over $10,000 from the crowdfunding platform Wefunder, as it advances its quest to secure real estate and other records with blockchain technology.
Most of the seed funding came offline via private equity and convertible notes (SAFE), and $11,157 came on Wefunder, the company said. CEO Nathan Wosnack said the company has now raised 80% of its seed round, and planned to attain the targeted $1 million by Aug. 31.
“We are targeting the inefficiencies of the traditional home-buying process with cryptocurrency tech,” the company said on its crowdfunding page on Wefunder. “We’ve generated revenue, built blockchain products, all while being in our ‘pre-money’ seed round.” Ubitquity is also building “legally compliant DeFi/smart contract-powered platforms” for traditional industries.
Integrated Payment System
Ubitquity runs a cloud blockchain platform for financial, title and mortgage companies to record real estate titles, and a specialized cryptocurrency-based real-estate payment system called UbitquityPay. Its system is compliant with American Land Title Association’s best practices.
When real estate is brought on to blockchains, it records information such as property address, owner’s name, parcel number and zoning classification. This helps maintain a clear record of ownership, reducing title search time and raising confidence in transactions. When combined with UbitquityPay, the company offers a complete and secure solution for real estate transactions. Ubitquity is also working on getting SOC2 certification, a set of protocols to ensure that organizations and platforms ensure the security and privacy of customers’ data.
Early clients of Ubitquity’s software-as-a-service (SaaS)business include Washington-based Rainier Title, a unit of Stewart Title. Ubitquity also ran a pilot program at land registrar offices of two Brazilian municipalities — Pelotas and Morro Redondo — in 2017.
Real Estate Listing Service
In July, Ubitquity started a crypto-listing service, as part of a UbitquityPay value add-on for home sellers. The service supports payments in 116 cryptocurrencies, with automated know-your-customer and anti-money laundering compliance. The company has also dipped its foot in NFTs, or nonfungible tokens. In June, it started offering Web3-enabled Non-Fungible Titles that “enhance the title experience” and “bridge the digital and physical worlds.”
Wosnack is a veteran of blockchain and cryptocurrencies, having immersed himself in the new technology since 2009. He holds posts on multiple groups including the so-called Futurist Advisor Board of the Lifeboat Foundation.
Since its founding in 2015, Ubitquity has experimented with a number of technologies, “dropped bad product ideas (i.e. NotaryBlock, aeroporia)and we are now focusing on good ones with market demand (UbitquityPay),” Wosnack said on LinkedIn.
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Change Is Good
“We pivoted away from focusing on land records for county recorders, into working with title companies who, in turn, work with county recorders,” he said. “We quickly steered away from trying to get business from eRecorders and instead focused on getting business from agents, real estate firms, MLS’ (CryptoListing).”
Wosnack believes the company survived the Covid-19 crisis because “we knew changes were necessary as a bleeding edge leader in our sector.”Change is good, he added.
