The co-founder of PiLabs has agreed to join the board of the property cryptocurrency, after initially investing in PropCoin in April this year.
PropCoin is a cryptocurrency built upon the Ethereum network with the objective of tokenising a property fund.
PropCoin tokens cost $1 each, with a cap of 70m coins. The private sale is now open for investors, with 100% of the coin sale funds raised used to purchase assets. Investors will receive PropCoin tokens that represent their percentage share of the overall fund, which can then be traded peer-to-peer as well as on registered exchanges.
Gerald Eve is working as PropCoin’s property consultant, advising on investments.
PropCoin was founded by Peter Bird, former planner at JLL; Tom Cartlidge, a former chartered surveyor at JLL; and Angus Abbott, who previously worked as an associate at Rothschild & Co.
Butt is a Mayfair based entrepreneur and venture capital investor. As well as PiLabs, he is also the founder of property focused private equity boutique Spire Ventures. Faisal invests in property services businesses, property joint ventures, and proptech ventures with high growth potential.
Butt’s selection for the board follows previous appointments of Sulman Khan, corporate development director at Close Brothers Group PLC, and John Dickinson of JDickinson Consulting. Professional crytocurrency trader Mattia Rizzi has also joined the board as cryptocurrency advisor.