Tezos Blockchain takes on traditional banking
The progression we have seen cryptocurrency go through in the last 10 years is innovative to say the least, an ‘unnecessary system’ turning the world niche.
Cryptocurrency revolutionized the way we use money and the internet, introducing a new concept and conditioning of speed, transparency and exchanging. Blockchain acts as a digital ledger storing all transactional information anonymously without the ability to be altered, this in itself is an aspect of the technology that will allow for many other niche projects to break through their own barriers in offering better services to their customers. The peer-to-peer feature is what saw the rise of cryptocurrency, users controlling their own funds without the need of a third party provider such as banks. In the era of innovation, users saw Blockchain as a way of bettering the world and their businesses. Industry leaders like Microsoft were moving to accept cryptocurrency and other smaller start-ups sought out funding through an ICO sale. ICO sales allowed for new projects to get a leg up in funding through an ‘initial coin offering’ which facilitated in shareholder sales through a token. An ICO allowed for new ideas to flourish in the cryptocurrency space while simultaneously benefitting investors. Tezos made their mark in the cryptocurrency sphere by closing with a record-breaking, at the time, total amount raised for their ICO at $232 Million USD.
Who and what is Tezos?
Tezos officially launched in 2018 after some internal debates among project leads, but since then has skyrocketed beyond new heights. The project prides itself on its commonwealth approach, hoping to cultivate their protocol through the common interests and goals of their tokens holders. They describe themselves as:
“Tezos is a new decentralized Blockchain that governs itself by establishing a true digital commonwealth.”
Tezos Blockchain will enable other projects to create smart contracts and decentralized applications on their Blockchain, ensuring transparency, security, and speed with some added Tezos benefits. The main aim and appeal of the Tezos Blockchain is simply stated on their website:
“Tezos is a blockchain that can evolve by upgrading itself. Stakeholders vote on amendments to the protocol, including amendments to the voting procedure itself, to reach social consensus on proposals.”
Their sense of innovation and inclusion in the space has clearly caught the public eye as seen by their ICO amount raised, but their headlining didn’t stop there as the mainstream started catching up.
Third largest Latin American bank betting on cryptocurrency
Early in the midst of moving forward, Tezos has already been offered a unique and exciting opportunity to enter the traditional world of money. BTG Pactual, a banking leader in Brazil, has officially announced their collaboration with Tezos to create and further a security token offering. The bank initially launched their token on the Ethereum Blockchain but has since decided to direct a channel through Tezos too. This is what they had to say:
“While the bank remains protocol and technology agnostic, and will continue to utilize the Ethereum protocol, we see Tezos as a global player with a robust blockchain for asset tokenization.”
Furthering their interest in innovation in the statement below:
“We see Tezos as one of the critical protocols for the burgeoning STO market, and look forward to securing future deal flow on the Tezos blockchain.”
They are said to have a $1 Billion USD deal in the pipeline, this very vague statement among many sees a very exhilarating time coming up for cryptocurrency and Tezos. More and more banks are finding ways to integrate the concept of cryptocurrency into their systems, but Tezos protocol offers a unique appeal to those looking to cater to their customers or users needs and wants. Banks taking an active effort in allowing their users to decide what happens through Blockchain technology. The revolution continues and we are excited to see where this deal takes Tezos, stay updated with us by following us on our blog.