InCore Bank also introduced the upcoming launch of Tezos custody, staking and trading services targeting financial institutions.
Deutsche Boerse-backed digital asset agency Crypto Finance AG and Swiss business-to-business (B2B) transaction bank InCore are launching a new tokenization tool based on the Tezos blockchain.
InCore Bank officially announced Tuesday a new collaboration with Crypto Finance AG and Swiss IT consulting agency Inacta to introduce new digital financial products based on Tezos, a decentralized, open-source proof-of-stake (PoS) blockchain network.
The concerned corporations have developed a new Tezos token standard for asset tokenization built on the Tezos FA2 standard, a multi-asset interface for Tezos permitting developers to invent token types like nonfungible tokens (NFTs).
Utilizing the Tezos FA2, Inacta developed the new DAR-1 token standard, which goals to unlock new sensible contracts-enabled capabilities to assist monetary markets, together with Anti-Money Laundering (AML) regulations mechanisms in addition to asset governance.
Along with the tokenization tool, InCore Bank also announced the upcoming launch of institutional-grade storage, staking and trading services for Tezos (XTZ). Utilizing InCore Bank’s integrated services, financial institutions will have the ability to offer to stake for their clients’ assets, permitting them to earn rewards generated through staking, or participating in transaction validation through locking up XTZ tokens.
Stijn Vander Straeten, CEO of storage infrastructure at the Crypto Finance Group, stated that the new collaboration is an example of how FA2 on Tezos significantly expands tokenization opportunities. “The launch of these Tezos use instances for the financial sector make innovative, compliant on-chain financial products a reality today,” the executive added.