Tezos has been bucking the bear market trend in November, creeping up steadily in price for the past week while the rest of the market nosedives.
The Swiss ‘Ethereum killer’ has been holding up well while the rest of the market has been posting quarterly lows for the year.
There are good reasons why Tezos is doing so well.
Back on November 6 Coinbase, one of the world’s most popular cryptocurrency exchanges, announced that it is offering staking services for U.S Coinbase customers, with Tezos being their first stakeable asset.
Any customer who holds Tezos on the exchange will be able to receive staking rewards of 5% every three days.
More bullish news came on Thursday when Coinbase Custody, who offer access to institutional-grade offline storage solutions, announced that they will also offer an internationally based staking service meaning that institutional clients can now stake Tezos too, from anywhere in the world.
This gives holders of XTZ much more of a reason to not sell and to buy more.
It also looks as if Coinbase are giving XTZ it’s full support and company backing which will be seen as very positive.
These two ‘Coinbase factors’ may be the reason why the value of Tezos is going up.
The Swiss-based foundation was founded by ex Morgan Stanley analyst Arthur Brightman and has been in development since 2014.
It relies on a proof-of-stake based consensus model unlike the Ethereum which uses a proof of work model.
In 2017, the Tezos foundation raised $232 million in an ICO and became the second largest crypto fundraiser ever after EOS had raised $4 billion in its own ICO.