Forkless happy: Tezos is at the heart of a collaboration between three financial and technology companies from the Swiss Crypto Valley.
Smart contracts form the basis for the world of decentralized financial services (DeFi). However, the CeFi sector is also increasingly discovering the possibilities of blockchain technology. While the crypto space is currently eagerly awaiting Cardano’s smart contract launch, another Ethereum competitor, Tezos (XTZ), has landed a prestigious partnership. Swiss companies Crypto Finance, InCore Bank and Inacta will rely on Tezos for asset tokenization in the future.
Tezos: the new standard?
To this end, the IT company has developed a new token standard, “DAR-1”. DAR-1 is in turn based on the FA2 standard from Tezos. FA2 enables both single- and multi-token smart contracts via a standardized programming interface. The token standard allows multiple transfers of different tokens (types) in a single transaction.
The development of Crypto Finance, InCore Bank and Inacta is a concrete example of how FA2 on Tezos significantly increases the potential of tokenization. The introduction of these new Tezos use cases for the financial sector makes innovative and legally compliant on-chain financial products a reality.
says Stijn Vander Straeten, CEO of Infrastructure Services at Crypto Finance, in a joint press release on the collaboration.
It also explains why Tezos was chosen over another smart contract platform such as genre king Ethereum. With Tezos upgrades, there are no forks that can cause chaos and, at worst, compromise network security.
Tezos was chosen to push the new standard for asset tokenization because its on-chain governance allows upgrades without disrupting or splitting the network.
This, he said, makes XTZ attractive to financial services providers because it allows them to seamlessly weave Tezos upgrades into their product offerings.
Focus on institutional customers
In the same media release, InCore Bank announced the launch of XTZ Staking services for its institutional clients. InCore is the first Swiss B2B bank to make this possible, it said. XTZ Staking is to be done directly through InCore Bank’s e-banking portal, with Crypto Finance providing crypto custody. Together with Inacta and “other participants in the ecosystem,” InCore Bank plans to issue a series of security tokens on Tezos later this year.
These new launches establish the aforementioned partners as pioneers in the digital asset industry and open the door for innovative new financial market participants to benefit from the attractive investment opportunities on the TezosBlockchain,
<ahref=”https://www.sobaco-incore.com/fileadmin/20210824_Press_Release_Crypto_Finance__InCoreBank_Inacta_Tezos_Launch_Press_Release_DE_ICB_Layout.pdf” target=”_blank” rel=”noopener”>the press release states.
At the time of going to press, the Tezos share price was trading at USD 4.11, up 2.5 percent for the day. There is still more than 100 percent to go before the all-time high: On May 7, XTZ set its previous price record at USD 8.27.