BTCS Adds Tezos Staking to its Blockchain Infrastructure Operations

Rhea-AI Summary

BTCS has integrated Tezos (XTZ) into its blockchain operations, enhancing its staking capabilities. Tezos is a decentralized blockchain supporting smart contracts and DApps, with a market cap of $2.75 billion. BTCS will utilize XTZ's Liquid Proof-of-Stake mechanism by deploying its own baker nodes. Currently, over 400 bakers secure the Tezos network, which hosts 135 projects spanning DeFi, DApps, and NFTs. CEO Charles Allen emphasizes the company's focus on decentralized projects, aiming to include Tezos in its Staking-as-a-Service platform.

Positive

• Integration of Tezos (XTZ) into BTCS blockchain infrastructure enhances staking capabilities.
• XTZ has a strong market position with a $2.75 billion market cap.
• Over 400 bakers secure the Tezos network, indicating robust ecosystem support.

Negative

• None.

Silver Spring, MD, Aug. 11, 2021 (GLOBE NEWSWIRE) -- BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, announced it has added Tezos (“XTZ”) to its blockchain infrastructure operations. Founded in 2014, XTZ is a decentralized blockchain designed for smart contracts and decentralized applications (“DApps”). XTZ has a $2.75 billion market cap making it the number 45^th ranked cryptocurrency. It raised $232 million in 2017 in what was considered one of the largest offerings at the time.

XTZ’s governance mechanism allows users to vote through a Liquid Proof-of-Stake (“LPoS”) consensus mechanism called “baking”. Users either become bakers or delegate XTZ, the native token of Tezos, to other bakers to earn newly-minted XTZ rewards from the protocol. To get started, BTCS has deployed its own XTZ baker nodes. There are over 400 bakers currently securing the network, and 135 projects building on XTZ, ranging from dApps to Decentralized Finance (“DeFi”) to Non-Fungible Tokens (“NFTs”).

“As a fully-decentralized project, the compilation of independent developer team visions can prove unique,” stated Charles Allen, Chief Executive Officer of BTCS. “We intend to include Tezos in our Staking-as-a-Service platform.”

About BTCS:
BTCS is an early mover in the blockchain and digital currency ecosystem, and the first "Pure Play" U.S. publicly traded company focused on blockchain infrastructure and technology. Through its blockchain infrastructure operations, the Company secures Proof-of-Stake blockchains by actively processing and validating blockchain transactions and is rewarded with native digital tokens. The Company is developing a proprietary Staking-as-a-Service platform to allow users to stake and delegate supported cryptocurrencies through a non-custodial platform. The Company is also developing a proprietary digital asset data analytics platform that allows users to consolidate their crypto trades from multiple exchanges onto a single platform, enabling users to view and analyze their performance, risk metrics, and potential tax implications. The Company employs a digital asset treasury strategy with a primary focus on disruptive non-security protocol layer assets. For more information visit: www.btcs.com.

Investor Relations:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
dave@redchip.com

FAQ

What is the significance of BTCS integrating Tezos (XTZ) into its operations?

BTCS's integration of Tezos allows it to enhance its staking capabilities and participate in the growing blockchain ecosystem.

What is the market cap of Tezos (XTZ) as reported by BTCS?

Tezos (XTZ) has a market cap of $2.75 billion, ranking it 45th among cryptocurrencies.

How does the Liquid Proof-of-Stake mechanism work in Tezos?

The Liquid Proof-of-Stake mechanism lets users vote and earn rewards by becoming bakers or delegating their XTZ to bakers.

How many projects are currently building on Tezos?

There are 135 projects currently building on the Tezos blockchain, including applications in DeFi and NFTs.

What does BTCS plan to do with Tezos in the future?

BTCS plans to include Tezos in its Staking-as-a-Service platform, leveraging its decentralized features.