CoBuy Introduces App for Shared Homeownership Built on Algorand Blockchain with Grant Award from Algorand Foundation
December 14, 2022
SEATTLE, WA, Dec 14, 2022 -- CoBuy, Inc., the startup behind the first co-buying platform for homeownership, announces upcoming launch of its new product Shared Homeowner OS™ later this month. The new platform helps co-owners plan, structure, and manage all aspects of shared homeownership from closing to exit.
Over 50 million U.S. people live in co-owned households. Still, the systems that facilitate homeownership--legal, regulatory, tax, administrative, and others--support a narrow definition of homeowner: married couples and single people. CoBuy is on a mission to level the playing field.
“We believe homeownership should be accessible to everyone, regardless of household composition, lifestyle, orientation, or background. That’s not the case today,” said Matt Holmes, CEO of CoBuy.
“Buying a home together is just the start. In co-ownership, success is determined over the full lifecycle. There are many moving parts to (co-)manage: decisions, finances, legal, admin, risks, the exit. Without help or a framework, co-ownership is unnecessarily risky, inefficient, and complicated. And today there’s nowhere to go. If you choose to own a home with someone who isn’t your spouse, you’re basically on your own to figure it all out. That’s unacceptable.”
Mother-and-son co-founders Pam Hughes and Matt Holmes see blockchain as the perfect toolkit to benefit co-owners and unlock homeownership for a wider, more diverse audience.
“Co-ownership is multi-party asset management, with shelter-as-a-service layered on top. For most co-owners, like us, our home is our largest asset, and we live there, too,” said Hughes. “Blockchain introduces immutability of data. This is huge. As co-owners, bringing co-ownership on-chain opens up whole new worlds. First, it helps us tie together all the moving parts. Second, we can certify joint decisions, documentation, and agreements. We can set up rules for how to handle different events. The result is lower costs and less risk. But also increased transparency, efficiency, and peace of mind.”
“Algorand is the blockchain of choice, hands down! We researched over 30 leading blockchain protocols. Not only is Algorand blazing fast, incredibly low cost, and secure--It’s also the greenest blockchain around. On top of the tech, their ethos resonates. They’re on a mission to level the playing field, and so are we,” adds Holmes.