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InCore Bank has also announced plans to introduce Tezos custody, staking, and trading services aimed at financial institutions.
Crypto Finance AG, funded by Deutsche Boerse, and InCore, a Swiss business-to-business transaction bank, are releasing a new tokenization tool based on the Tezos blockchain.
InCore Bank officially announced on Tuesday a new collaboration with Crypto Finance AG and Swiss IT consulting firm Inacta to introduce new digital financial products based on Tezos, a decentralized, open-source, proof-of-stake blockchain network.
The involved companies have developed a new Tezos token standard for asset tokenization built on the Tezos FA2 standard, a multi-asset interface for Tezos allowing developers to invent token types like nonfungible tokens.
Using the Tezos FA2, Inacta has created the new DAR-1 token standard, which intends to enable new smart contract-enabled functionalities to enhance financial markets, including as anti-money laundering rules and asset governance.
In addition to the tokenization tool, InCore Bank announced the impending availability of institutional-grade Tezos storage, staking, and trading services (XTZ). Financial institutions will be able to offer staking for their clients’ assets via InCore Bank’s integrated services, allowing them to collect rewards earned by staking or participate in transaction validation by locking up XTZ tokens.
Stijn Vander Straeten, CEO of Crypto Finance Group’s storage infrastructure, stated that the new collaboration exemplifies how FA2 on Tezos dramatically expands tokenization potential. “The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today,” the executive added.