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Swiss B2B bank, InCore, is launching a new tokenization tool with Tezos

Swiss B2B bank, InCore, is launching a new tokenization tool with Tezos
InCore Bank also announced the upcoming launch of Tezos fiduciary, staking and trade services for financial institutions.

Backed by Deutsche Boerse, digital asset firm Crypto Finance AG and Swiss transactional bank InCore are introducing a new tokenization tool based on the Tezos blockchain.

InCore Bank officially announced on Tuesday a new partnership with Crypto Finance AG and Swiss consulting firm Inacta to launch new digital financial products based on Tezos, a decentralized, open, “proof-of-stake” type of blockchain network.

The companies involved developed a new Tezos token standard for asset tokenization, based on the Tezos FA2 standard, the interface for multiple assets for Tezos that allows developers to come up with token types such as Non-Exchangeable Token (NFT).

Using Tezos FA2, Inacta has developed a new DAR-1 token standard that aims to unlock new features for supporting smart contracts to support financial markets, including anti-money laundering and asset management regulatory mechanisms.

In conjunction with the tokenization tool, InCore Bank also announced the upcoming launch of institutional-grade storage, staking and trading services for Tezos (XTZ). By using the integrated services of InCore Bank, financial institutions will be able to offer staking of their clients’ assets, enabling them to earn rewards generated by staking or participating in transaction validation by “freezing” XTZ tokens.

Stijn Vander Straeten, CEO of infrastructure at Crypto Finance Group, said the new collaboration is an example of how FA2 on Tezos greatly expands tokenization opportunities. “The introduction of these Tezos use cases for the financial sector makes innovative, compliant on-chain financial products are becoming a reality today,” added the director.

27-08-2021, Mr Advice TEAM


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