Graph Blockchain (CSE: GBLC) has expanded its portfolio of alt coins for the purpose of proof of stake mining. The company this morning announced that it has diversified its operations to include the altcoin Tezo, also known as XTZ.
The company indicated that it has acquired a total of 100,000 tokens of the altcoin in a transaction valued at US$670,967. The company has since begun staking of its full allocation through the use of Coinbase. The company has reportedly seen the value of the position increase by 17.86% since taking the initial position two days ago.
The company currently expects to earn a staking reward with an annual reward rate of 4.63%, which is subject to change based on market conditions.
“We believe Tezos’ consensus algorithm and general approach to the crypto community will help it acquire a significant portion of the smart contract platform market share, and therefore significant price appreciation. Its Liquid Proof of Stake technology is more decentralized, more scalable, and considerably more sustainable than Proof of Work networks.”
Paul Haber, CEO of Graph Blockchain
Graph Blockchain last traded at $0.13 on the CSE.
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