Crypto Finance Group, InCore Bank, Inacta select Tezos for digital financial product partnership

Crypto Finance Group, InCore Bank, and Inacta have selected Tezos (XTZ/USD) as a partner for novel, compliant on-chain digital products, Invezz learned from a press release. Inacta, Crypto Finance, and InCore Bank used the Tezos FA2 standard to develop a new standard for asset tokenization. Moreover, InCore Bank is launching institutional-grade trading, staking, and storage services for the cryptocurrency.

Enabling smart contracts to support financial markets

As an open source Proof of Stake blockchain network, Tezos guarantees speed, security, and reliability for the latest financial services products. The blockchain-based DAR-1 token standard makes it possible for smart contracts to support financial markets by providing all of the functions necessary, ranging from governance of assets to anti-money laundering regulations. Launch of the DAR-1 token standard was enabled by InCore Bank and Crypto Finance, while the standard itself was developed by Inacta.

Stijn Vander Straeten, CEO of Storage Infrastructure with the Crypto Finance Group, commented:

Tezos’ on-chain governance enables upgrades without splitting or disrupting the network, which is another reason why it was selected to power the new asset tokenization standard. Providers of financial services find this extremely attractive because they can implement and offer clients staking directly, as well as any other future innovations.

Attracting institutional customers with integrated staking

InCore Bank will unlock new yield earning products for institutional customers as the first Swiss B2B bank to launch staking services for the Tezos network. Staking makes it possible for customers to take part in network governance and earn network-generated rewards, not unlike Bitcoin mining. Customers get regular updates on the staking rewards in the form of bank statements.

Brave future plans

Inacta and InCore Bank will launch a number of issuances on Tezos together with other participants in the ecosystem. The bank and Crypto Finance are discussing the option to provide technology services for compliant and safe digital asset storage and to support Tezos trading and staking.