Coinbase Japan Lists XTZ Token as Tezos Prepares 12th Upgrade
The Tezos network’s native token, XTZ, is now available for trade on Coinbase Japan. The tez (XTZ) market on Coinbase Japan will make trading tez possible from any computer or mobile device. With this action, Tezos hopes to strengthen its foothold in a crucial Asian market. Since Coinbase Japan launched in August of 2021, the company has been providing services to the Japanese market, and this new offering aims to expand its reach.
Tezos and Its place in the blockchain market
Tezos was one of the first Layer 1 blockchains to implement staking to ensure the integrity of the network. As a result of these capabilities, Tezos has been a popular choice among companies and organizations exploring their options for launching into the DeFi and Web3 spaces. For its part, Japan is one of the countries with the highest tech adoption rates in the world. For instance, Chainalysis reported in October 2022 that the volume of cryptocurrency traded in Japan has increased by more than 100% between July 2021 and June 2022.
More and more people are joining the Tezos NFT and DeFi communities on websites like the main NFT marketplace Objkt.com, the generative art website fx(hash), the yield farming protocol Youves, and many others. In addition, despite the bear market, the deployment of its smart contracts on the network is currently 288% higher so far this year compared to the same time period in 2021. Also, leading firms moving into Web3 are finding the blockchain an attractive option because of its capacity for upgrades and innovations that are both energy efficient and cost-effective.
Tezos’ attractiveness to major enterprises growing into Web3 stems from its capacity to upgrade and evolve in an energy-efficient manner. There have been eleven upgrades to the blockchain, with a twelfth scheduled for the middle of December 2022. Additionally, by 2023, it plans to be among the first Layer 1 blockchains to process 1 million TPS (transactions per second).
