Digital assets firm Gemini announced earlier this week that they’re supporting Tez or XTZ, the native token of the Tezos ecosystem, which is one of the longest-running Proof of Stake or PoS blockchain networks.
XTZ is currently available for trading and you may also now earn 2.05% APY on XTZ via Gemini Earn.
Trading for XTZ is currently available on Gemini’s FIX/REST APIs and ActiveTrader™ apps for USD trading pairs, along with the Gemini Mobile App and website “for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs.”
As noted by Gemini:
“With the addition of XTZ we now offer trading for more than 45 cryptos, with a further 14 cryptos available for custody. We are proud to be the first regulated platform in New York to offer trading support for XTZ.”
The company added that with their support for XTZ, they’re pleased to offer platform users with access to one of the “most vibrant” crypto ecosystems. With a “dynamic” community, smart contract functionality, and a “robust” on-chain governance mechanism that enables on-chain updates, Tezos has been focused on prioritizing innovation “to further enable sustainability and scalability as crypto adoption growth continues across the globe.”
The Gemini team added that they’re now looking forward to adding support for various other crypto tokens and projects as they remain focused on “empowering you, the individual, through crypto.”
As clarified by Gemini, XTZ will not be supported in Gemini Custody™, however, clients can choose to store the digital asset on the company’s Exchange.
As explained by Gemini, Tez (XTZ) is the native token of the Tezos network.
Notably, Game developers, music labels, NFT artists, sporting franchises, central banks, real estate developers, global NGOs, and more are all building solutions on Tezos, the Gemini team noted in their blog post. Additionally, Tezos also has a fast-growing decentralized finance (DeFi) ecosystem with ERC-20 bridges for “low-gas cross-chain utility, yield farming protocols, and AMM platforms.”
Its modular architecture and upgrade mechanism “minimizes disruptions while offering regular upgradability and enhanced functionality over time.” Upgrades on Tezos are “made possible by its proven on-chain governance where continuous improvements are proposed by participants on the network, voted on, adopted, and deployed without the need to rely on hard forks,” the Gemini team explains.
So far, Tezos has “undergone six network upgrades to reduce gas fees, improve token standards, increase transaction speed, and more,” the update from Gemini noted.
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