Tezos Foundation launches Sillicon Valley Coin with Andra Capital and announces 21 new grants

  • The Tezos foundation awards 21 new grants to support the development of Decentralized Finance (DeFi) and digital security applications using Tezos’ smart contracts.
  • Tezos also launched the “Tezos Foundation’s Faucet” for its mainnent and will give free XTZ  to any user. The purpose is to encourage the development of applications with Tezos. As a result, XTZ is showing bullish signs.
  • The Tezos foundation partners with Andra Capital to launch the Sillicon Valley Coin.

The Tezos Foundation continues its program to support developers and announced a new cohort of grant recipients. In a post on its blog, the Tezos Foundation revealed that it received a total of 90 proposals, but 21 were selected that meet the foundation’s expectations.

The grants awarded will be aimed at building applications that use Tezos’ smart contracts with “special interest in Decentralized Finance. In addition to the creation of tools for these smart contracts, there are education and self-learning resources that show the implementation of the technology developed and have marketing initiatives to promote Tezos’ ecosystem.

Among the grant winners are the Baking Bad Tezos development team, the Electis organization, the Protofire team, Nzinghaa Lab, Madfish Solutions and other members of the Tezos ecosystem. Each with a project that will expand the functions, features and applications of XTZ and the development experience of DeFi in its ecosystem.

Tezos also revealed that on January 22, 2020, it began the next round of receiving proposals to award new grants. The Tezos Foundation stated the following:

The Foundation is excited to see these projects contribute to the advancement of the Tezos project and grow the larger blockchain ecosystem.

In accordance with the announcement of new grants, the Tezos Foundation launched an XTZ faucet with the aim of encouraging the development of the Tezos ecosystem. The faucet will provide reduced amounts of XTZ to, according to the Tezos Foundation:

(…) allow developers and users to request the Tezos token to be used on the Tezos main network. This is real (mainnet) tez and has a market value. Please drink responsibly.

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The official name of the initiative is “Tezos Foundation’s Faucet” and can be used by any user with a valid address. The faucet sends an amount of 0.01 XTZ every 12 hours to the addresses participating in the initiative. At the time of publication, this comes down to approximately $ 0.0012 USD.

Although the initiative to give away free tokens has been used by other projects, Tezos innovates by giving XTZ tokens with real market value. The Tezos Foundation warned users that the initiative is temporary and has the purpose of spreading the use of XTZ and its use cases.

Sillicon Valley Coin will use Tezos’ blockchain

On the other hand, it was known that Andra Capital company will use Tezos’ blockchain to launch the Sillicon Valley Coin through a Security Toen Offering (STO). In addition, the Sillicon Valley Coin will be issued on Tezos’ platform, TokenSoft’s. Sam Raman, Andra’s Head of Strategic Alliances, said the following about the cooperation:

The TokenSoft platform provides the technology for qualified retail investors to participate in desirable, late-stage, pre-IPO technology venture companies, and we have partnered with the best-in-class providers including the Tezos Foundation for its expertise in digital securities for the Silicon Valley Coin offering.

Recent events have had a positive impact on Tezos’ performance. At the time of publication, the price of the XTZ trades at $1.59 USD with gains of 2.72% in the last 24 hours.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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