Tezos Raises Funds To Bring DeFi To Its Blockchain: Report

Tezos raises funds in order to bring DeFi to its native blockchain according to the announcement by VC Firm Draper Goren Holm. The company announced the successful seed round to fund the Tezos Stablecoin Foundation so let’s read more in the tezos price news.

The Tezos Foundation and other partners are looking to bring Defi closer to the tezos blockchain. Tezos raises funds and therefore gained traction for other applications as well but paid millions in disputes over the 2017 token sale. DeFi could be dominated by Ethereum however now, Tezos is making a way in the spotlight trying to attract users with lower fees and faster transactions. The Stable Technologies which is a subsidiary of the newly launched Tezos Stablecoin Foundation charged with advancing the development of the blockchain which closed a successful seed round today according to the announcement by venture capital firm Draper Goren Holm.
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This is the first step on the road to creating a Tezos DeFi ecosystem to compete with the development around the ETH blockchain in hopes of acquiring billions in liquidity that have so far gone exclusively towards Ethereum-focused designs. The newly funded Tezos Stablecoin Technologies will support the developments and the proliferation of USDtz stablecoins on the XTZ network and will soon release plans for a public sale from the Trustee tokens. the TRU tokens will receive a share of the tokens from each new TEzos-based DeFi project launched in partnership with the organization.

A number of the Tezfin open-source project are in preparations already including lending platforms and decentralized TEZEX exchange too. DeFi, represents a series of projects allowing the users to access financial tools and services such as interest on deposits. It swaps out centralized entities such as banks for smart contracts that execute the user requests on decentralized blockchain networks. More than $10 billion in value is now locked in ETH-based defi smart contracts according to the data from DeFi Pulse.

Tezos raised more than $230 million back in 2017 with the support of the investor Tim Draper which could help it close the gap with the Ethereum network by volume. On Tezos, the nodes agree on the blockchain using delegated proof-of-stake consensus where only designated nods can generate new blocks.  Tezos can outperform ETH in terms of transactions as it can process up to 40 transactions per second compared to Ethereum’s 15 so more of the transactions could allow Defi apps on Tezos to accommodate a lot more users once the fees increase more. Tezos gained a lot more attention over the recent weeks and it became a frontrunner for the potential development of the digital version of the Euro currency.