Propy’s real estate blockchain project experiences a 90% surge in token value due to Coinbase’s asset management arm preparing to tokenize real-world assets.
On December 13, 2023, Propy’s PRO token experienced a remarkable surge of 93% in just one day, following the announcement by the U.S.-based crypto exchange Coinbase to intensify its focus on tokenizing real-world assets.
Based on data from CoinGecko, PRO swiftly surpassed the $0.83 mark, propelling its market capitalization to $40.7 million.
This substantial increase in PRO’s value was a direct response to Coinbase unveiling Project Diamond, a platform dedicated to issuing and trading blockchain-based debt instruments.
As reported by crypto.news, this launch occurred amid fierce competition to integrate traditional financial assets like bonds and credit into blockchain systems. Tokenization of real-world assets (RWAs) is recognized for its potential to boost settlement speeds, decrease operational costs, and enhance transparency.
As of the latest update, Project Diamond is exclusively available to registered institutional users outside the U.S.
Although Propy was not explicitly named as the foundation for Coinbase’s recent initiative, the news alone generated a positive sentiment among PRO holders, leading to an upward surge in the token’s price.
Aligned with a similar strategy, Propy’s whitepaper outlines its mission to automate real estate transactions through smart contract-based tokenization solutions.
According to asset management firm 21.co, the market for tokenized RWAs is anticipated to reach an impressive $10 trillion by 2030.