activities . The individuals making those transactions or performing those activities need specific access keys to interact with each other and those activities are then recorded on chain .”
Irish says when they saw the audit trail requirements of the RIA , they knew blockchain was the best tool to give project actors a place “ to perpetuate the flow of capital from the EB-5 fund to the EB-5 project and automatically record that storyline with the highest fidelity possible .”
HOW PRXY WAS LAUNCHED IN THE EB-5 INDUSTRY
The company ’ s founding team comes from within the EB-5 community and is represented by Irish , formerly a real estate development attorney , and co-founder Samuel Newbold who is a practicing immigration attorney specializing in EB-5 . to monitoring the funds ’ adherence to regulatory requirements .
“ As far as we know , we are the first to use blockchain in this way for construction projects in general , and we are certainly the only platform provider offering this new technology to EB-5 investors and stakeholders ,” says Irish .
INNOVATIVE RESPONSE TO RIA ’ S EB-5 REQUIREMENT
While the company was created to specifically respond to the RIA , Pesek , says PRXY ’ s mission goes well beyond just checking the boxes for compliance .
“ We are committed to making software products that deliver a feeling of hospitality , service , and ease of use for our customers ,” says Pesek .
“ Consistently , our platform is the town square for the flow of funds and all transactions have the equivalent of digital fingerprints ,” says Irish . “ Administrators and our clients also have real-time access to this ledger together with useful data exhaust metrics such as estimated job creation , percentage to budget , alignment with the business plan etc . all included automatically .”
The RIA requires that a fund administrator be a thirdparty professional such as an attorney , a Registered Investment Adviser , a brokerdealer or a CPA and be independent of the EB-5 fund , the regional center , and investment advisors . The role of the fund administrator includes everything from handling financial paperwork
" As far as we know , we are the first to use blockchain in this way for construction projects in general , and we are certainly the only platform provider offering this new technology to EB-5 investors and stakeholders ."
The company states that investors can access the userfriendly interface to gain “ precise , current and accurate project milestone data ” through the PRXY ledger channel via their personal device and simple click of a button . This includes access to capital stack silos , line item expenditure tracking , job creation analytics , percentage to budget and more , per the company website .
“ Working with PRXY comes with the additional benefits of having inroads into a tight-knit community of specialists and career experts who focus solely on EB-5 ,” says Pesek . “ We aspire to be a “ super-connector ” in the EB-5 industry , and we hope that our presence within our small community continues to improve and expand the broader ecosystem worldwide .”
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