Tezos (XTZ) Soars as New Projects Are Launched On The Blockchain
Last Updated on 26 August 2021 by CryptoTips.eu
XTZ, the native cryptocurrency on the Tezos blockchain has seen some price gains in the past couple of days. This is in spite of the lingering pullback on the market that drove Bitcoin back to $46,000 after hitting $50,000.
The new price surge is coming after a number of Swiss firms showed interest in using Tezos for a new token standard. The Swiss-based blockchain and financial companies including Crypto Finance Group, InCore Bank, and Inacta will be using Tezos as a partner to provide compliant digital financial products.
Also earlier this week, an NFT protocol Golden Goals launched on Tezos network. The company behind the protocol will use the green Tezos blockchain to bring a digital experience to fans of local and international football clubs. The launch led to increased network activity on the blockchain.
New use cases boosting XTZ price and crypto adoption
One of the main drivers of price is user engagement. Both the use of Tezos for a new token standard and the launch of a new NFT are likely to increase the use of XTZ, the native coin for the blockchain. This in turn can lead to a boost in the price as the coin is experiencing now despite the market down trend.
The new use cases on Tezos will also encourage the adoption and use of cryptocurrencies. For example with Golden Goals, football fans will be able to donate funds to their favourite clubs using crypto. As there are millions of football fans who will onboard this platform, some of which have never been exposed to crypto, this will significantly boost crypto adoption.
At the time of reporting this story, Tezos is the 37th largest cryptocurrency by market cap, rising from the 45th position following the price surge. The Tezos price is currently trading around $4.59 and is almost 13% higher than yesterday.
The project is regarded as one of the most promising blockchains with potential to evolve into a bigger platform with more to offer in the future. With more of these new use cases, the network can indeed reach this potential in the near future.