Real Estate Coin Surges 90% Following Coinbase Announcement To Tokenize Real-World Assets

Real Estate Coin Surges 90% Following Coinbase Announcement To Tokenize Real-World Assets

Blockchain real estate project Propy witnessed a 90% increase in its token value as Coinbase’s asset management arm is set to tokenize real-world assets.

On December 13, 2023, Propy’s PRO token surged a significant 93% in just one day after US-based crypto exchange Coinbase announced plans to double down on tokenization of real-world assets.

According to data from CoinGecko, PRO at one point surpassed the $0.83 threshold, pushing the token’s market capitalization up to $40.7 million.


Real Estate Coin Surges 90% Following Coinbase Announcement To Tokenize Real-World Assets - 1
PRO price in USD | Source: CoinGecko

The breached increase in PRO value followed Coinbase’s announcement of its company called Project Diamond, a platform for issuing and trading blockchain-based debt instruments.

As reported by crypto.news, the launch came amid intense competition to integrate traditional financial assets such as bonds and credit into blockchain systems. This process, known as real-world asset (RWA) tokenization, is believed to improve settlement speed, reduce operating costs, and increase transparency.

At the time of this publication, Project Diamond is only accessible to registered institutional users outside the US.

Although Propy was not announced as the backbone of Coinbase’s latest initiative, the news itself was enough to generate positive sentiment among PRO holders and boost the price of the token.

As Propy appears to be following the same approach, the project whitepaper describes that its mission is to automate the real estate transaction process by offering smart contract-based tokenization solutions.

According to asset management company 21.co, the tokenized RWA market is expected to reach $10 trillion by 2030.

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