PRXY ’ s blockchain solution streamlines RIA ’ s fund administration for EB-5
PRXY ' s blockchain solution enhances transparency , accuracy , and accountability in the EB-5 application process , allowing investors and project stakeholders alike to comply with RIA requirements .
By Anayat Durrani
With the EB-5 Reform and Integrity Act of 2022 came many changes to the EB-5 program . A significant change was the addition of more transparency measures , such as having new commercial enterprises retain a third-party fund administrator . New Commercial Enterprises are required to have an outside fund administrator track investor funds to monitor that the funds are properly handled by banks . In response to the new requirements , one firm called PRXY has developed a unique cutting-edge service designed to streamline the process for fund administrators and project stakeholders .
“ Our proprietary PRXY software and fund administration ecosystem work in sync to maximize a project ’ s accuracy , transparency and accountability while delivering a streamlined experience to our customers and peace of mind to their project stakeholders ,” says Connor Irish , co-founder and Chief Executive Officer of PRXY .
The platform was created specifically to respond to the new statutory requirements of the RIA , says Preston Pesek , Chief Operating Officer at PRXY , with a mission to “ simplify the often cumbersome legal compliance requirements of using EB-5 capital .”
HOW BLOCKCHAIN TECHNOLOGY CAN HELP EB-5 STAKEHOLDERS
PRXY was developed by real estate and finance professionals , EB-5 attorneys , investment advisors and web3 experts to create a more efficient platform for EB-5 stakeholders . PRXY ’ s software tracks all transactions in the EB-5 project and gives EB-5 investors a realtime view of project metrics . PRXY uses blockchain technology to achieve these goals .
“ I think an important first step is to clarify or demystify what blockchain technology is ,” says Irish . “ At a fundamental level , blockchain technology is simply a precisely accurate , immutable ledger of transactions or
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