Bittrex, a major US-based cryptocurrency exchange, is exploring the integration and listing of FA1.2 and FA2 tokens on the Tezos blockchain.
In a statement, Bittrex said the move is responding to demand from its users who’re looking to invest in challengers of major cryptocurrencies by adding the Tezos to their portfolio. Tezos has developed a reputation as a blockchain platform used for the execution of smart contracts, cross-border payments, and decentralized apps. Adding support for FA1.2 and FA2 token standards allows for the creation of more assets relating to DeFi, NFTs, DAOs, amongst others.
Tezos is a highly-scalable platform that supports smart contract functionality and the development of decentralised applications (Dapps). It uses a variant of the proof-of-stake protocol which offers token holders the opportunity to delegate their assets to a validator and earn staking rewards.
Tezos also applies a governance model that automatically evolves and upgrades itself to ensure stability. Among blockchain projects, Tezos’s consensus mechanism is touted to be one of the most energy-efficient and technically sound platforms. It’s on-chain governance model also makes it one of the most democratic platforms in the crypto sector, and is increasingly popular amongst investors.
Tezos open-sourced blockchain protocol has the backing of more than 1,300 global validators, researchers, and developers.
FA1.2 and FA2 tokens allow Bittrex to support a variety of tokens
Further explaining the rationale behind the listing, Bittrex said: “Tezos has gained considerable popularity for its energy-efficiency, low transaction fees, and institutional-grade security. With over 6 million contract calls in January, Tezos is one of the fastest growing blockchain ecosystems. Active addresses on the network are at an all-time high of over 45,000, while active smart contract addresses have tripled from under 200,000 to over 600,000 over the past 12 months.”
Bittrex Inc. is a Seattle-based cryptocurrency exchange that lets users swap nearly 250 digital assets. Like other cryptocurrency companies, its non-US arm, Bittrex Global, has domiciled itself in the tax-friendly jurisdiction of Liechtenstein.
Having started operations seven years ago, Bittrex is ranked within the top 25 centralized exchanges in market volume. The exchange platform is available in over 50 countries and processes an average daily transaction volume of $80 million.