Switzerland: 3 companies create a new tokenization tool based on Tezos (XTZ)

Tezos continues to appeal to institutional investors

In a joint press release, Crypto Finance, InCore Bank and Inacta indicate that they have chosen the Tezos blockchain (XTZ) to create on-chain digital financial products that comply with various regulations.

The 3 Swiss fintechs have developed a new token standard for Tezos, based on the FA2 infrastructure of this blockchain, which allows developers to design new types of tokens.

This new standard, dubbed DAR-1, aims to introduce dedicated features for financial markets, in addition to anti-money laundering mechanisms

“This work by Crypto Finance, InCore Bank and Inacta is a tangible example of how [the Tezos FA2 standard] significantly expands the potential of tokenization. The launch of these Tezos use cases for the financial sector makes innovative and compliant on-chain financial products a reality today,” added Stijn Vander Straeten, executive at Crypto Finance.

The companies explain that Tezos was selected because its on-chain governance allows updates to be made without disrupting or splitting the network.

Find our explainer on the Tezos blockchain and XTZ

New offers linked to Tezos

Simultaneously with the creation of this tokenization tool, InCore Bank will very soon launch a number of solutions related to the Tezos blockchain. The Swiss bank will offer its institutional clients a storage and staking service for XTZ.

Since it is a B2B bank, InCore Bank is particularly targeting other companies, which will be able to offer all these same services to their customers with some ease. Already adopted by major groups such as Société Générale, EDF, and Ubisoft, the Tezos blockchain continues to become more institutionalized.

“This collaboration between leading Swiss blockchain and financial players paves the way for banking services designed for the future, minimizing traditional issues that involve additional costs and complications,” adds InCore Bank.

Shortly after the announcement, the XTZ price rose slightly to $4.43, a level it hasn’t reached since last May.

Related News – Société Générale issues security token on Tezos blockchain (XTZ)

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About the author: Clement Wardzala

Switzerland: 3 companies create a new tokenization tool based on Tezos (XTZ)

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Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I’ve been striving to share qualitative content so that the sector can be democratized to everyone.
All articles by Clement Wardzala.