The Tezos Foundation continues with its developments by partnering up with the Hong Kong FinTech company – Liquefy. The latter will implement a security token standard for digital securities projects that use the Tezos blockchain and will later utilize it for its real estate tokenization deals.
Tezos Partners With Liquefy
In a press release shared with CryptoPotato, the Tezos Foundation announced its newest partnership with Liquefy. The latter is a Hong Kong-based FinTech platform that provides asset tokenization solutions.
Liquefy will implement a security token standard for future digital securities projects that use the Tezos blockchain. Upon completion of the standard, the FinTech company will be able to utilize the underlying blockchain technology for its real estate tokenization deals.
According to Hubertus Thonhauser, Tezos Foundation Council Member, the partnership with Liquefy “further positions Tezos as the de-facto blockchain for digital securities and other financial applications globally.” It would also help his company to attract a more substantial market share, he added.
Adrian Lai, Liquefy CEO, also spoke about the partnership, saying that both companies’ missions align perfectly:
“Liquefy is excited to join the vibrant international Tezos community. The Tezos Foundation’s vision to drive innovation on a global scale aligns with our mission to transform investment in traditionally illiquid assets. We deeply value the support from the Tezos Foundation and anticipate great developments from our partnership.”
Back in January, the San Francisco-based venture capital firm, Andra Capital, also announced a partnership with the Tezos Foundation. By utilizing the latter’s blockchain, Andra Capital plans to issue its own Silicon Valley Coin (SVC) via a Security Token Offering (STO).
Effect On XTZ’s Performance?
Such notable announcements involving the companies behind the native coins usually impact the price performance of the asset positively. Aside from the mentioned above partnership, Tezos also received an endorsement from Binance.
Earlier today, the leading cryptocurrency exchange by volume added XTZ for their US branch – Binance.US. Initially, US-based customers of the exchange will be able to trade with two pairs; XTZ/USD and XTZ/BUSD.
These two announcements couldn’t have come in a better moment. The XTZ token’s recent price movements have been rather adverse, to say the least, and the news could give it a boost.
Less than a month ago, XTZ reached its all-time high of $4. At that time, it looked exempt from any negative news. The coronavirus effect, however, damaged all coins, including XTZ’s impressive performance. In a matter of weeks, the token lost over 67% of its value and is now trading under $1.3.
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Source: Crypto Potato