- An altcoin Project grew 160 percent after the announcement of new NFT and gaming developments.
An Ethereum-based cryptocurrency project that has been relatively quiet for a while has outperformed the cryptocurrency market, finding itself in the middle of an explosive rally.
Koinfinans.com As we have previously reported, the aforementioned altcoin project, Stratis Platformis an Ethereum-based, decentralized blockchain platform built to enable Microsoft developers to build applications on it.
Stratis’ code, Bitcoin (BTC) architecture, but uses its own proof-of-stake (POS) implementation to create a more energy-efficient blockchain.
Stratiswith native token of STRAXAt one point, it rallied as high as $1.16, where it rallied 160 percent.
Why did Strax rise?
While the exact reason for the rally on the Stratis Platform is unclear, STRAXtook action just minutes after the project announced a host of updates, including a new non-fungible token (NFT) ticketing system.
According to the announcement, Stratis is working on a ticket management system that will use NFTs to verify entry for venues and events, as well as track rewards/privileges.
In addition, the project claims that a number of new blockchain-powered video games will be released on the Stratis mainnet this year.
Stratis’ announcement, Great British Pound Token (GBPT) It also included an update on the launch of a British pound-pegged stablecoin called the coin.
“Plans to launch a Great British Pound Token (GBPT) stable coin using Stratis technology are progressing with a new asset, “Stratis Investment Group Limited,” which will be used for the Stratis GBP stable coin. Stratis is currently working with Price Waterhouse Coopers (PwC) to complete the FCA Registration. We also expect this partnership to continue with PwC, which provides auditing services for the GBPT stablecoin implementation.
As companies like Visa are increasingly willing to accept payments with stablecoins, there is a huge opportunity in this industry to use blockchain technology to facilitate cross-border and wholesale payments.
We also anticipate that more UK stocks and securities will be issued digitally in the coming months and years. This will likely increase the need to pay holders of these instruments to those who use GBP-denominated cryptocurrencies similar to GBPS.”
The altcoin, which lost some of its gains, is trading at $ 0.90 at the time of writing.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.