Texos XTZ

[Predrag V]

What is the latest concerning the Tezos platform and its digital coin?

 

[Bogdanovicc]

Hi Predrag, thanks for coming here.

Tezos (XTZ) has been actively covered by the media in recent days after Bitcoin Suisse, the Swiss crypto financial services company, said it will start with the custodial and staking support for Tezos.

The crypto-financial company is targeting institutional clients to store and get rewarded for making Tezos deposits. The Zug-based firm manages more than $1 billion in assets. 

“Tezos was created with fundamental security features like formal verification that allow for institutional-grade smart contract security,” said Roman Schnider, Chief Financial Officer and chief of operations at the Tezos Foundation.

“We are excited to be adding XTZ to the Bitcoin Suisse Vault thereby making XTZ available for clients requiring a fully audited custody service. We are also very impressed by the development of the Tezos ecosystem and by including XTZ in our institutional-grade infrastructure are proud to contribute to that development,” he further said.

Bitcoin Suisse is looking to raise additional funds by selling 20% of its mother company at a pre-money valuation of $283 million.

On the other hand, Tezos surged 70% in April as one of the best-performing coins. In the current month, the XTZ price has been trading sideways as the buyers consolidate recent gains. Tezos, which is planning the rollout of its mainnet, has been consolidating its gains just below the $3.00 mark.

It is important to note that the San Francisco-based Tezos trades in a symmetrical triangle. Given that the price action created this triangle from a bullish uptrend (from the lows), it is considered to be a bullish symmetrical triangle. 

The buyers must force a close above $2.90 to activate the break of the triangle. A move towards $3.70 would then complete the pattern, which means an increase in price by at least 30%.