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Tezos selected to enable smart contracts for leading European banks

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Crypto Finance Group, InCore Bank, and Inacta have selected Tezos for innovative, compliant on-chain digital financial products. Crypto Finance, InCore Bank, and Inacta have developed a new Tezos token standard for asset tokenisation based on the Tezos FA2 standard. 

Additionally, InCore Bank announced the launch of institutional-grade storage, staking, and trading services for tez (XTZ), the native cryptocurrency of the Tezos blockchain. Tezos is an open source Proof of Stake blockchain network that offers security, reliability, and speed for the next generation of financial services products.

The DAR-1 token standard on the Tezos blockchain enables smart contracts that provide all of the functions necessary to support financial markets, from anti-money laundering regulations to asset governance. The DAR-1 token standard was developed by Inacta, digitisation experts for technology and finance services. The launch is enabled by Crypto Finance, a leading provider of institutional and professional investor products and services for digital assets, and InCore Bank, a business-to-business transaction bank.

”This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenisation 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.”

Tezos was chosen to power the new token standard for asset tokenisation because its on-chain governance allows upgrades without disrupting or splitting the network. This is highly attractive to financial services providers, who will be able to implement seamlessly and offer staking and future innovations directly to their clients. This collaboration of leading Swiss blockchain and financial players enables banking designed for the future, minimising legacy issues that imply additional costs and compromises.

Additionally, InCore Bank will be the first Swiss business-to-business bank to launch staking services for the Tezos network, unlocking new yield earning products for institutional customers. Financial institutions benefiting from InCore Bank’s fully integrated services will be able to offer staking for their clients’ assets seamlessly and effortlessly. Staking lets clients participate in the governance of the network and earn rewards generated by the network, similar to mining in the bitcoin network. It can be initiated directly via e-banking, and clients receive regular statements of the staking rewards.

InCore Bank approached Crypto Finance to provide technology services for secure and compliant digital asset storage and to support the trading and staking of XTZ. InCore Bank and Inacta are planning to launch a number of issuances on Tezos together with other participants in the ecosystem throughout the second half of 2021. These launches establish the named partners as pioneers in the digital asset industry and open the door to innovative new financial market participants to leverage the attractive investment opportunities on the Tezos blockchain.

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