Digital Wallet Firm Liminal Now Integrated with Tezos Blockchain, Here’s What it Means

Liminal’s integration on the Tezos blockchain is aimed at making digital assets like cryptocurrencies safer with self-custodial options.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 16 November 2022 18:29 IST

Digital Wallet Firm Liminal Now Integrated with Tezos Blockchain, Here’s What it Means

Photo Credit: Twitter/ Tezos India

Tezos India was established as an independent organisation in 2019

Highlights

Tezos blockchain was founded in 2014 back in San Francisco
Liminal is headquartered in Singapore
The stir around self-custodial wallets comes post the FTX debacle

Tezos, the eco-friendly blockchain network, now officially supports the Singapore-based digital wallet service, Liminal. The official announcement was shared by Tezos India, according to which their in-house team of developers helped Liminal around this integration. A decentralised blockchain governed by itself, Tezos was founded in San Francisco, US, in 2014. The open-source network is a Proof of Stake (PoS) blockchain that consumes over two million times less energy than Proof of Work (PoW) networks like Bitcoin.

Liminal's integration on the Tezos blockchain is aimed at making digital assets like cryptocurrencies safer and more rewarding for individuals and businesses without compromising on security and ownership.

“The development comes at a time when the recent FTX debacle and other safety-related concerns and incidents have shaken up the crypto and blockchain industry across the globe. Amidst ongoing security concerns regarding wallets in the market, we aim to lead by example by onboarding Liminal, who is working on building a secure and sound wallet infrastructure,” Tezos India said in a statement.

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Tezos is capable of facilitating as much as 40 transactions per second (TPS), as per an CoinMarketCap article, owing to which the DeFi transaction volumes on the Tezos ecosystem have seen a massive growth.

Liminal's entry onto the Tezos blockchain will also help users experiment with customisable opportunities around self-custodial services.

“We are confident that this program will help secure the projects building on Tezos. It will also ensure that users and Web3 builders have full autonomy over their digital assets,” Manan Vora, Senior Vice President of Strategy and Operations at Liminal, added.

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The use of self-custodial crypto wallets is gaining quite the stir on social media following the downfall of the FTX crypto exchange.

Self custody is a fundamental human right.
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech/tools first.
Mistakes here can be very costly.
Stay #SAFU
— CZ :large_orange_diamond: Binance (@cz_binance) November 13, 2022

At least $1 billion (roughly Rs. 8,110 crore) worth of customer funds have reportedly vanished from collapsed crypto exchange FTX.

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Further reading: Cryptocurrency, Tezos, Tezos India

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More