51.9 F
Elizabeth City
Sunday, April 18, 2021

Following Tim Draper Endorsement, Tezos Enjoys Hefty Uptick

Must read

Draper Goren Holm plans to foster projects and use cases building on top of the Tezos blockchain.

Key Takeaways

  • Draper Goren Holm announced it would help grow the Tezos ecosystem.
  • The venture capital firm would “incubate and accelerate” some of the most notable projects by deploying capital and resources.
  • The news was well-received by market participants, sending XTZ on track to new all-time highs.

Thanks to Draper Goren Holm, developers will now have the resources they need to build their decentralized applications on top of the Tezos protocol. 

Tezos Gains Crucial Endorsement

Draper Goren Holm announced that it had added the Tezos ecosystem to its $25 million venture fund. The Los Angeles-based investment firm revealed that it would “incubate and accelerate” some of the most prominent projects built in this network.

According to Tim Draper, Draper Goren Holm’s special limited partner, the Tezos protocol has everything needed to define the next generation of crypto adoption due to its governance protocol and scaling verticals. 

“Tezos is the leading platform for smart contracts and low energy use, since they use proof of stake. We’re excited to fund projects on the Tezos blockchain and believe it has a promising future ahead. We believe it will be the smart contract standard,” said Draper. 

Draper Goren Holm is not new to supporting Tezos. Last year, the venture capital firm backed the team responsible for building the first Tezos stablecoin, Tezos Stable Technologies.

It was also one of the first companies in the cryptocurrency industry to invest in the Tezos-based NFT marketplace Kalamint. 

Hubertus Thonhauser, chairman of the Tezos Foundation Council, said that Draper Goren Holm has significantly contributed to the growth that the blockchain startup has seen over the past few years.

The most recent endorsement will have a significant impact in “fostering projects” and increasing the Tezos network’s utility. 

The Market Quickly Reacts

Draper Goren Holm’s endorsement was well received, as enthusiasts rushed to exchanges to get a piece of XTZ after the announcement was made public. 

Following a month-long consolidation, this cryptocurrency was able to break out of a symmetrical triangle that developed on its 4-hour chart. By slicing through the $4.55 resistance barrier, the odds significantly increased for XTZ to surge by more than 29.50%. 

Tezos US dollar price chart
XTZ/USD on TradingView

Another spike in demand would likely see XTZ make a new all-time high of $5.90. 

This target is determined by measuring the height of the triangle’s y-axis and adding that distance to the breakout point. 

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.

Phemex's logo

This news was brought to you by Phemex, our preferred Derivatives Partner.


Phemex

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Cardano Consolidating Prior to Smart Contract Upgrade

Cardano (ADA) prices are dormant, even though an upgrade that will add support for smart contracts and applications is approaching. Cardano Shows Indecision Cardano made headlines after IOHK CEO and…

What Are Non-Fungible Tokens (NFTs)?

Tokenization is well-suited for commodities like fiat currencies, gold, and physical land. A fungible asset’s representation on blockchain makes commodities tradable 24/7 via borderless and frictionless transactions. Fungible goods are…

TRON CEO Justin Sun Wins TIME’s Latest NFT Auction

TRON founder and CEO Justin Sun announced today that he has placed the winning bid on one of TIME’s non-fungible tokens. TRON Leader Wins Time NFT On Mar. 22, TIME…

Crypto Briefing’s CB10 Index Ends First Quarter With 86% Returns…

Crypto Briefing’s CB10 yielded 86.8% by Apr. 2, compared to Bitcoin’s 84.6% and ETH’s 98.9% returns since the index’s formation at year’s beginning.  CB10 Performace So Far The CB10 index…

Read More

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article