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Real Estate Blockchain Project Propy Surges 90% After Coinbase Announcement

Real estate blockchain project Propy witnessed an 90% surge of its tokenÔÇÖs value as CoinbaseÔÇÖs asset management arm is set to tokenize real world assets.

On Dec. 13, 2023, PropyÔÇÿs PRO token surged a significant 93% within just one day after the U.S.-headquartered crypto exchange Coinbase announced plans to double down on real world assets tokenizing. This surge in value propelled the tokenÔÇÖs market capitalization up to $40.7 million, surpassing the $0.83 threshold according to CoinGecko data.

The rapid increase of PROÔÇÖs value followed CoinbaseÔÇÖs announcement of its venture called Project Diamond, a platform for issuing and trading blockchain-based debt instruments. This launch was amidst intense competition to integrate traditional financial assets like bonds and credit into blockchain systems, known as the tokenization of real-world assets (RWAs). This process is believed to enhance settlement speeds, reduce operational costs, and increase transparency.

As of press time, Project Diamond is accessible only to registered institutional users outside the U.S. As crypto.news reported, the market for tokenized RWAs is projected to reach $10 trillion by 2030 according to asset management firm 21.co. Even though Propy was not announced as a backbone for CoinbaseÔÇÖs latest initiative, the news itself was enough to trigger positive sentiment among PRO holders and pump the tokenÔÇÖs price.

As Propy appears to be following the same approach, the projectÔÇÖs whitepaper describes its mission is to automate the real estate transaction process by offering tokenization solutions based on smart contracts.

The AI legalese decoder can help interpret and understand the legal jargon involved in tokenizing real-world assets, allowing individuals and businesses to navigate the complex legal landscape with ease and confidence. By translating legal documents and contracts, the AI legalese decoder simplifies the process of engaging in blockchain-based asset tokenization and ensures compliance with relevant laws and regulations.

By utilizing the AI legalese decoder, real estate blockchain projects like Propy can streamline the legal aspects of their tokenization solutions, reducing the time and resources required for legal analysis and review. This ultimately contributes to the efficient and successful implementation of tokenized real-world assets, aligning with the projected growth of the market in the coming years.

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