Altcoins

Tezos Jumps 40% on Coinbase Listing

from Trust Nodes 4 years ago 0 0 1238

Tezos (XTZ) has been rising this past week from about $1 to $1.40 to then jump once Coinbase announced its listing.

The cryptocurrency saw a fairly big candle on August the first without an apparent reason as far as we are aware.

Then there was what looks like some frenzied trading as Coinbase tweeted out the news of listing:

Although Tezos went up and up on Coinbase, it looks like Bitfinex was not following for some reason, but the crypto is still up some 40% in just a week.

This latest price gain for the past week may also be due to eToro adding support for the XTZ token.

Commenting on why his trading platform decided to add support for XTZ, Yoni Assia, co-founder and CEO at eToro, remarked:

“As we see financial institutions move more into the world of crypto, it is important that ordinary investors can take advantage of these technological developments.”

Tezos’ founders Arthur and Kathleen Breitman managed to raise a record-breaking (at the time) $232 million through an initial coin offering (ICO) in 2017. While the project has had its share of legal challenges, there have been several notable developments involving the cryptocurrency this year.

In June, one of Brazil’s largest financial institutions, BTG Pactual revealed that it was moving its security token offerings (STOs) to the Tezos blockchain.

Investment platform Dalmas Capital is also considering using Tezos to launch various tokenized assets which may represent traditional equities, real estate, lending solutions, or even a stake in sports clubs.

Zachary Cefaratti, CEO at Dalma Capital, noted: “We see Tezos as one of the critical protocols for the burgeoning security token market, and look forward to securing future deal flow.”

In June, a former executive at “Big Four” accounting firm Pricewaterhousecoopers (PwC) joined the Tezos development team as CFO.

Legendary billionaire venture capitalist Tim Draper has also supported the project. He was quoted as saying:

“We are believers in the Tezos project and see a strong use case for security tokens.”