Swiss B2B bank InCore launches new tokenization tool using Tezos

InCore Bank also announced the upcoming launch of Tezos custody, staking and trading services targeting financial institutions.

Deutsche Boerse-backed digital asset firm 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 firm Inacta to introduce new digital financial products based on Tezos, a decentralized, open-source proof-of-stake (PoS) 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 (NFTs).

Using the Tezos FA2, Inacta developed the new DAR-1 token standard, which aims to unlock new smart contracts-enabled functions to support financial markets, including Anti-Money Laundering (AML) regulations mechanisms as well as asset governance.

In conjunction with the tokenization tool, InCore Bank also announced the upcoming launch of institutional-grade storage, staking and trading services for Tezos (XTZ). Using InCore Bank’s integrated services, financial institutions will be able to offer staking for their clients’ assets, allowing 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, said that the new collaboration is an example of how FA2 on Tezos significantly expands tokenization opportunities. “The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today,” the executive added.