A decentralized real estate trading platform built on the smart contract platform Solana (SOL) has seen its price rise and fall after receiving support from Coinbase.
Two days ago on the social media platform X, the top US-based crypto exchange platform said it had added Parcl (PARCL), a decentralized exchange (DEX) that allows users to trade and invest in real estate using synthetic assets without having to own physical property.
Synthetic assets are tokenized, blockchain-based representations of real-world assets, such as securities and real estate, that can be easily exchanged.
News of the addition caused the token’s price to drop, as it went from a high of $0.586 on December 17 to a low of $0.408 just two days later. PARCL is trading at $0.418 at the time of writing, down 9% over the last 24 hours.
On December 15, Coinbase added PARCL to its listing roadmap, indicating at the time that it would be adding support soon. At that time, the cryptocurrency exchange’s announcement sparked a 50% rally in the altcoin, while it was trading as low as $0.33 on December 10.
PARCL aims to provide traders with global city indices – including major cities such as New York, Miami Beach, San Francisco, Austin, Los Angeles, Chicago and Dubai – and allow them to acquire tokens that represent a stake in a specific index.
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Generated image: Midjourney