Leading European Banks enlists Tezos network to Enable Smart Contracts – The Tezos network has been chosen by the Crypto Finance Group, InCore Bank, and Inacta as an innovative and compliant on-chain digital financial product. As a result, the Crypto Finance Group, InCore Bank, and Inacta created a new Tezos token standard based on the Tezos FA2 standard for asset tokenization.
Along with this event, the InCore Bank also announced the launch of the institutional-grade storage, staking and trading services for Tez (XTZ). In detail, the XTZ crypto is the native digital asset of the Tezos blockchain.
On the other hand, Inacta also developed the DAR-1 token that was launched by Crypto Finance. This DAR-1 token is a standard on the Tezos blockchain that supports smart contracts. Through this, the smart contracts on the network can fully power up the financial markets from anti-money regulations to asset governance.
”This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenization significantly.” Stijn Vander Straeten, CEO of Storage Infrastructure with the Crypto Finance Group, adds, “The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.”
Furthermore, Tezos was chosen to power the new token standard for asset tokenization because of its on-chain governance. This technology of the crypto enables upgrades on the network without splitting or disrupting the network. Indeed, this is highly attractive to financial service providers around the world.
Last but not least, the InCore Bank will be the first Swiss business-to-business bank to launch staking services for the Tezos network. Best of all, the financial institutions that benefit from InCore Bank’s fully integrated services will be able to offer staking services for their clients seamlessly.
InCore Bank, together with Inacta is looking forward to launching a number of issuances on the Tezos network. Truly, this movement by these European banks brings excitement to the crypto community around the world.
About InCore Bank
InCore Bank is a one-stop business-to-business transaction bank founded in 2007, providing banks, security dealers, and fintech companies with first-class transaction banking and outsourcing services. As a Swiss corporation with a banking and securities dealer licence, InCore Bank offers a comprehensive and modular range of services covering transaction banking for traditional and digital assets, business process outsourcing and other services. This offering enables other market participants to reduce complexity and focus on their core business.
About Inacta
Digital, decentralized, innovative – these are central to Inacta’s work. Inacta is an independent Swiss IT company with more than 80 employees driving digital transformation using information management and blockchain applications.
Since its foundation in 2009 this leading technology provider based in Zug, in the heart of the Crypto Valley, is now established in three locations. Its employees provide consulting, training, and software development services to start-ups and established companies in the insurance, banking, real estate and healthcare industries. With its Crypto Valley Labs, Inacta is committed to promoting an extensive blockchain ecosystem as far away as Vaduz and Dubai and fosters collaboration and cooperation across traditional borders. It is a founding member of the Crypto Valley Association and the Swiss Blockchain Federation.
About the Crypto Finance Group
Crypto Finance Group provides institutional and professional investors products and services with a level of quality, reliability, and security that is unique in the digital asset space today. The group provides asset management, with the first regulated asset manager for collective investments for crypto asset funds authorised by FINMA; brokerage services for 24/7 crypto asset trading as a FINMA-licenced securities firm; and crypto asset storage infrastructure and tokenisation solutions. Since its founding in 2017, the group has been recognised several times, including as a Crypto Valley Top 50 blockchain company, Top 100 Swiss Start-up, and 2019 Swiss FinTech Award winner.
About Tezos
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy-efficient blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations without network disruptions today. For more information.