Tezos Chosen by InCore Bank for New Tokenization Tool

InCore Bank, Crypto Finance AG, and Inacta have selected Tezos as their blockchain of choice for a new tokenization tool, InCore said in a press release on 24 August.

According to the announcement, the three crypto-focused firms will be using Tezos — a decentralized, Proof-of-Stake (PoS), open-source blockchain — to offer tokenized assets to institutional clients. The companies have already created a new Tezos token standard for asset tokenization based on the Tezos FA2 standard, which enables developers to create new token types, such as non-fungible tokens (NFTs). The CEO of storage infrastructure at the Crypto Finance AG, Stijn Vander Straeten, said in a statement:

“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.”

The infrastructure for the new project will be provided by Crypto Finance AG, while Zürich-based InCore Bank will carry out the tokenization of assets. The new DAR-1 token standard — which aims to unlock new smart contracts-enabled functions for the financial market, including AML regulation mechanisms — was developed by Swiss IT consulting firm Inacta.

In its announcement, InCore Bank also revealed it will soon be launching new institutional-grade storage, staking, and trading services for Tezos’ native cryptocurrency, XTZ. Through the new offerings, financial institutions will be able to stake their clients’ assets, enabling them to earn rewards generated through staking and participating in transaction validations.