XP.network announces Tezos integration

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Jan 20, 2022
  • XP.network has created a multichain bridge for NFTs
  • You can transfer an NFT between blockchains in seconds at a minimal cost
  • Tezos has become an increasingly popular alternative to several major proof-of-work-based blockchains

XP.network, a company that provides multichain support for NFTs, has integrated with the Tezos (XTZ/USD) blockchain, Invezz learned from a press release. Following this integration, Tezos will use the platform’s multichain bridge into its constantly growing arsenal of features, extending into the global cross-chain ecosystem.

Tearing down barriers between blockchains

XP.network has created a multichain bridge for NFTs. It tears down the barriers between blockchains, enabling digital assets to flow freely across networks. In this way, XP.network is creating the foundation for a unified global NFT market by connecting traders, creators, and owners.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

XP.network makes it possible to transfer an NFT between blockchains in seconds at a minimal cost. This means improved liquidity for asset holders, wider exposure for NFT creators, and increased transaction flow for the bridged blockchains. Previously, it wasn’t possible to mint an NFT on Tezos, send it to Ethereum (ETH/USD), and list it on OpenSea.

Nir Blumberger, CEO of XP.network, commented:

When we just started our way, XP.network knew that Tezos is a company we want on our side. We believe this ecosystem is the benchmark many blockchains should aspire toward. We are honored and excited to see what the future holds for this partnership.

The bridge combines high security with superior scalability. It creates wrapped NFTs that keep the original assets’ metadata without copying the assets themselves. The original NFTs are safe in custody. If needed, they can be restituted to the holder.

Using industry-leading energy efficiency

XP.network selected Tezos for the integration because of the latter’s high energy efficiency and constant innovation. Tezos has become an increasingly popular alternative to several major proof-of-work-based blockchains as one of the first to adopt proof-of-stake.

Elie Terdjman, Tezos Israel founder, added:

We are very excited about the Tezos integration into XP.network’s bridge. We are very optimistic about their technology, and their diligent development team has ensured that they will be the premier cross-chain bridge. Tezos Israel had the honor of working with the XP.network team over the past few months in assisting them with this integration. We are looking forward to seeing what’s on the road ahead for Tezos and the XP.network.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
68% of retail CFD accounts lose money