Cryptocurrency Project Tezos To Launch Main Network Next Week

The Tezos cryptocurrency project is preparing to launch the long-awaited main version of its network that underpins a new virtual token on Monday, a Swiss foundation that promotes the initiative said on Twitter on Friday.

The Tezos Foundation raised $232 million in July 2017 to build the network and issue a new type of cryptocurrency to its backers in one of the largest-ever initial coin offerings, and launched an initial version of the network one year later after months of delays.

The Tezos Foundation plans to transition the network to a mainnet, or a more complete version, on Monday, according to a message seen by Reuters by Ryan Jesperson, the foundation’s president.

After [they] contacted the foundation for comment on the message on Friday morning it confirmed the launch date on Twitter.

“Have a great weekend, everyone, because mainnet arrives Monday!”, the foundation tweeted.

That launch would mark an achievement in a project hobbled by internal infighting and delays. Tezos still faces litigation in the United States and the threat of increased regulatory scrutiny of the nascent cryptocurrency sector.

A high-profile feud between project founders Arthur and Kathleen Breitman and former foundation president Johann Gevers was followed by Gevers stepping down in February. He was replaced by Jesperson, one of the project’s contributors.

Since Tezos’s problems were first detailed by Reuters in October, several class-action lawsuits have been filed in the United States against the project’s organizers alleging the fundraiser violated federal securities laws and defrauded investors.

In February, the U.S. Securities and Exchange Commission denied a public information request from David Silver, a lawyer representing some of the class-action plaintiffs, seeking information on Tezos, saying doing so could interfere with an investigation or enforcement activities.

The Tezos fundraiser was structured as a donation, though some contributors say they believed it was an investment. If deemed a securities offering, the new cryptocurrency might fall under the remit of the SEC.

The investigation published in October also found that Arthur Breitman, a French citizen registered with the Financial Industry Regulatory Authority (FINRA) in the United States, had not reported any outside business activity while working at Morgan Stanley in 2014 and 2015 when he was developing and pitching Tezos.

In April, FINRA suspended Breitman from associating with broker-dealers for two years, part of a settlement to resolve allegations that he made false statements about his side venture while working at Morgan Stanley.

Author: Anna Irrera, Brenna Hughes Neghaiwi
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Tezos Price Rallies 13 Percent as Wider Cryptocurrency Market Slips

Tezos (XTZ) is experiencing a period of gains, defying the stalled momentum of the wider cryptocurrency market. As of August 20, the token traded at $1.57, up more than 13 percent in 24 hours, taking it up to number 16 on the CoinMarketCap token ranking.


Coinone Listing

Yesterday August 19, Coinone, a South Korean exchange, announced on Twitter that it would list Tezos on Aug. 20.

A post on the official Coinone website then confirmed the news, stating that deposit and withdrawal services for Tezos would begin at 16:00 KST on August 20.

The news immediately led to a noticeable Tezos market spike as investors reacted favourably to the emergence of an XTZ/KRW trading pair.

Source: CoinMarketCap

CoinMarketCap data shows a substantial Tezos uptick as the token shot up over 13 percent in just over 24 hours, reaching a 7-day high of $1.57 with a market capitalisation exceeding $956 million.

Coinone may not be a huge exchange in the manner of Coinbase or Binance, but the market has certainly taken the Tezos listing news well, making Tezos a rare oasis of strong positive movement in a sluggish crypto market.


Crypto Market Blues

Tezos is out on its own as a token with significant positive movement in the present crypto market. Bitcoin continues to struggle to breach the $6,500 mark and Ethereum has plunged nearly 10 percent for the day to $273.

The mini bull run comes at a good time for Tezos, which has recently mounted a series of strong recoveries from the setbacks and embarrassments that threatened to derail the project following its record-breaking $232 million ICO.

Tezos is the subject of an ongoing class-action lawsuit by disgruntled ICO investors, and the token continues to field criticism for what critics see as a disappointingly- low trading volume. This is due to its dependence on for market liquidity, which is one of a small  number of lesser known exchanges listing XTZ.

It remains to be seen whether the Coinone listing will have any impact on Tezos’ trading volume, and, if so, to what extent, but in the meantime Tezos occupies the unlikely position of being the crypto industry’s growth outlier — at least for the time being.

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Author:David Hundeyin
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