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Tezos (XTZ) to Support Crypto Finance Group, InCore Bank, Inacta with Tokenization Tools: Details

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Tue, 08/24/2021 - 04:00
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Vladislav Sopov
Tezos (XTZ), a leading smart contracts platform for retail and business use cases, inks a crucial partnership with a clutch of major banks
Tezos (XTZ) to Support Crypto Finance Group, InCore Bank, Inacta with Tokenization Tools: Details
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Top-notch European crypto-friendly banks will integrate smart contracts instruments by high-performance blockchain Tezos (XTZ). Here's why this is crucial for the progress of the fintech segment.

Crypto Finance, InCore Bank and Inacta will use Tezos-based standard for tokenization

According to a press release exclusively shared with U.Today, high-profile Swiss-based banks Crypto Finance, InCore Bank and Inacta will integrate a new token standard based on Tezos (XTZ) products.

Tezos (XTZ) partnered by three major banks
Image by Tezos

Three banks have developed a tokenization standard based on Tezos' FA2 design. The new standard, dubbed DAR-1, allows users to implement all functions necessary for modern financial markets—from KYC/AML checks to asset governance.

Stijn Vander Straeten, CEO of Storage Infrastructure at Crypto Finance Group, is certain that the new standard will significantly expand opportunities for cryptocurrency solutions usage in banking:

This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenisation significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.

Tezos (XTZ) tools were chosen due to the fact that this blockchain is self-upgrading: its mechanism allows the activation of crucial consensus updates without splitting the network.

New XTZ staking options have been launched

Besides that, Tez (XTZ) token can now be staked with a brand-new service. InCore Bank, a Zürich-based banking heavyweight, has released an institutional-grade storage, staking and trading module for XTZ.

Unlike traditional staking environments, XTZ staking with InCore Bank can be initiated directly via e-banking. Clients will receive periodic statements regarding staking payouts.

Related
Tezos (XTZ) Now Added by Gemini Earn Instrument

As covered by U.Today previously, leading U.S.-based exchange Gemini added XTZ to its suite of assets supported by the Gemini Earn passive income program.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)