In a statement released today by Nisbah Capital, a subsidiary of Taibah Valley located in Saudi Arabia, we learn that the company will join the Tezos ecosystem, being amongst the first companies to support this blockchain in the Middle East region.
It should be recalled that Tezos (XTZ) is a blockchain that uses the PoS (Proof of Stake) protocol, and as such, users can stake their tokens\. Given the complexity involved, users often delegate their tokens to known companies – also known as Bakers – who have everything they need to run the network.
In fact, the minimum to become a Baker is to lock in 8 thousand XTZ, or over $20,000 at today’s price.
With this announcement, Nisbah Capital intends to operate actively on this blockchain having all the requirements and providing its users with a reference point to use Tezos.
Among other things, a subsidiary of Nisbah Capital, Exaion, had already become a Baker in October last year and now has a functioning system in place.
Certainly, this country is very interested in crypto and blockchain, so much so that last year there was already talk of launching a pilot cryptocurrency for banks, as if it were a centralized crypto or stablecoin.
Nisbah Capital and the collaboration with Tezos
A specialist from Taibah Valley, Raghad Abdulghani commented on the news as follows:
“By becoming a Tezos baker, we see an opportunity to spread the knowledge about cryptocurrencies and how they work, and to attract different companies to recognize the potential in the MENA region. In addition, we believe that baking will help build the future of the Tezos blockchain in the region.”
Meanwhile, Waleed Rassuli of Tezos Gulf, explained that collaboration is the best way to spread the technology:
“This collaboration with Taibah Valley will be a major driver to stimulate the adoption of decentralized blockchain technologies in the Middle East. Given the increasing number of corporate bakers in the Tezos ecosystem, we think that having one in the Middle East will give local blockchain projects in this region a boost.”