The Tezos Foundation, the non-profit organization working towards the adoption of the Tezos blockchain protocol, published its bi-annual report on Tuesday, providing insights into the project’s development in the past six months.
The update is the first to be published by the non-profit since February and also revealed, among other things, the foundation’s financial holdings, which investors and developers consider a crucial indicator of how orderly the project will develop going forward.
The Tezos Foundation, as per the latest report, had $751 million worth of assets as of July 31, 2020, marking a significant increase from the $635 million reported on January 31, 2020.
In January, 47% of the foundation’s holdings were in Bitcoin (BTC), but that value had dropped to 37% in July. Conversely, the amount of XTZ in the foundation’s portfolio increased from 23% to 35% over the same period.
Since the total value of the portfolio was placed at 37% for BTC and 35%, respectively, that suggests the foundation held $277 million in BTC and 262.85 million in XTZ as of July 31.
Tezos Foundation issued 56 new grants in 6 months
The report also revealed that the foundation boosted its ecosystem by issuing 56 grants worth $18.8 million, entered into four strategic partnerships, and completed a third independent external audit of its finances.
The grants also included new participants, with 23 of the 56 new grants (41%) going to organizations or individuals, not previous grant recipients. The recipients are based in 18 different countries, and the grants were disbursed despite the global pandemic.
Notably, the latest bi-annual report by the Tezos Foundation follows a period of exciting developments and growth for the Tezos ecosystem.
Tezos-Foundation-funded, Nomadic Labs were among the projects selected to pilot a test for France’s upcoming digital currency project. This selection means the Tezos could potentially host a large scale issuance of the CBDC.
Coinfomania also reported that the Tezos network recorded its highest smart contract deployment in August, within the same period, legal uncertainties regarding XTZ’s status as “security” were settled.