Solana-based Parcl (PRCL) spikes as Coinbase lists token

Coinbase has announced the listing of Parcl, a Solana-based decentralized real estate trading platform.

The cypto exchange will list Parcl (PRCL) token on December 17, starting on or after 9:00 AM Pacific Time, subject to liquidity conditions.

Coinbase plans to add the PRCL-USD trading pair once there is sufficient supply. According to the U.S.-based crypto exchange, PRCL transfers will be available on both Coinbase and Coinbase Exchange. However, the rollout will be phased, with availability restricted in certain jurisdictions.

What is Parcl?

Parcl is a decentralized real estate platform that provides access to city indexes, including major destinations like New York, San Francisco, and London.

The project enables liquid real estate investment, allowing users to trade with up to 50x leverage. On Parcl, investors can speculate on or hedge real estate price movements. These assets are represented by index prices that reflect the average price per square foot or meter of real estate in a given area.

Apart from this, Parcl is a member of the RWA Council that looks to accelerate real-world assets on Solana (SOL). Other members include AgriDex, Baxus and Collector Crypt.

PRCL price

Parcl’s token generation event ended in April 2024, with 800 million PRCL distributed after the April 8 snapshot.

Coinbase added PRCL to its listing roadmap on Dec. 14, with this coinciding with a price surge for the token. The token reached a multi-month high above $0.60 before retreating as the broader market mirrored Bitcoin’s dip from its previous all-time high.

In the past 24 hours, Parcl price has soared by more than 13% to retest the eight-month high. If bulls take the initiative, the token’s value could aim for the April 22, 2024 all-time high of $0.73.