Saudi Arabia-Based Nisbah Capital Joins Tezos Blockchain Ecosystem

Announcements, Blockchain, News | January 7, 2021 By:

Blockchain startup Tezos has added Nisbah Capital to its blockchain ecosystem as a corporate baker.

Tezos is a self-amending blockchain and smart contracts platform that allows organizations and individuals to transact in digital assets using its native digital currency XTZ. The company claims that the Tezos protocol’s on-chain governance system, Proof-of-Stake (PoS), and ability to facilitate formal verification, make Tezos an ideal long-term solution for digital transactions, including smart contracts and security tokens.

Nisbah Capita is the blockchain subsidiary of Saudi Arabia-based Taibah Valley, which was established by 2008 with the mission of investing and supporting projects with real economic value and positive impact for Saudi Arabia and the MEA region. Taibah Valley’s areas of focus are blockchain, Internet of Things, and Artificial intelligence.

According to a press release, Nisbah Capital is the first company in the Middle East region to participate in the Tezos ecosystem as a corporate baker, which means that it will now validate transactions (blocks) and add them to the Tezos blockchain. Participating in the ecosystem as a baker not only strengthens the decentralization of the Tezos ecosystem but also reinforces its credibility and paves the way for future institutional adoption in the MENA region. Becoming a Tezos baker is seen by Taibah Valley as part of supporting the technology and the communities that are interested in cryptocurrency.

“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,” said Raghad Abdulghani, Technical Specialist at Taibah Valley. “In addition, we believe that baking will help build the future of the Tezos blockchain in the region.”

As part of the partnership, Taibah Valley also has added the Tezos blockchain to its blockchain lab projects as part of its initiative to create the biggest blockchain community in the MENA region to support commercialized applications, counselling, mentoring and researching in the areas related to blockchain and cryptocurrency.

“This collaboration with Taibah Valley will be a major driver to stimulate the adoption of decentralized blockchain technologies in the Middle East,” said Waleed Rassuli from Tezos Gulf. “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.”