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Why Celsius’ GK8 Company Announced Support For Tezos And Other Layer 1 Protocols

Leading crypto asset cold storage company GK8 recently announced support for the Tezos ecosystem, according to a press release. The company, acquired by Celsius back...
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Leading crypto asset cold storage company GK8 recently announced support for the Tezos ecosystem, according to a press release. The company, acquired by Celsius back in 2021 for $115 million, will integrate the Proof-of-Stake cryptocurrency XTZ and its standards.

Related Reading | Why Celsius CEO Believes Bitcoin Doesn’t Work As A Form Of Payment

The integration follows a grant from the Tezos Foundation which will support GK8’s efforts to “build critical infrastructure” for this ecosystem. Lior Lamesh, Co-Founder and CEO of GK8, said the following on this cooperation:

High security and scalability are crucial for mainstream blockchain adoption. Tezos brings those features to the table, and we are thrilled to be expanding support to their network. We look forward to delving deeper into the bustling Tezos ecosystem.

In addition, to their multi-layer cold storage services, KG8 offers “secure” tokenization of traditional assets, the release claimed. The company provides customers with cold storage for their Ethereum based tokens, and their layer-1 tokens EVM compatible.

Furthermore, users can access the DeFi sector via layer-2 smart contracts which provide them with insurance of over $750 million for their assets. This is one of the largest crypto insurance policies on the crypto market. Roman Schnider, Head of Operations of Tezos Foundation added the following on GK8’s XTZ integration:

GK8 brings to the table a great combination of security, professionalism, and the ability to safely store crypto-assets secured by true Cold Vault and an MPC setup that allows access to on-chain applications. It is an important building block for institutional interactions with the fast-growing number of DApps on Tezos.

GK8 is the only company with a secure mechanism that enables its clients to create, sign, and send blockchains transactions without an internet connection. Due to its security layer, it was able to obtain a partnership with payment giant Mastercard.

The partners will cooperate on promoting crypto adoption, supporting innovation, and will work on making crypto-based services and products more accessible. The cooperation is part of Mastercard’s Start Path program.

An Inside Look Into Tezos Foundation’s Grant Program

As mentioned, the cooperation between GK8 and Tezos was the result of their Grant Program. According to its official website, this initiative was created to “ensure” and promote this network’s ecosystem.

The Foundation support projects that aid it to achieve this goal, and any initiatives and innovations are encouraged to send a proposal.

Data provided by this Foundation indicates that 14 new grants have been signed during February 2022. In addition, 21 grantees have been following up on their projects, with another 21 proposals for grants received by Tezos.

A proposal’s acceptance rates stand at 53% with a 50-day waiting period since they are submitted until they are signed, as an average.

Related Reading | Snoop Dogg’s Alter-Ego Names Tezos as Major Significant Blockchain For Fine Contemporary Art NFTs

At the time of writing, XTZ trades at $3 with a 4.6% loss in the last 24-hours.

XTZ’s price trends to the downside on the 4-hour chart. Source: XTZUSD Tradingview





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