The Switzerland-based financial institutions – Crypto Finance Group, InCore Bank, and Inacta – have selected Tezos to create on-chain digital products through a new token standard for asset tokenization. InCore Bank would also enable additional digital services with XTZ – the native cryptocurrency of the blockchain network.
Tezos to Power The New Token Standard
According to a press release shared with CryptoPotato, three Swiss fintech organizations will use the blockchain network Tezos to provide tokenized assets to institutional customers based on the Tezos FA2 standard.
Namely, those companies are Crypto Finance Group, InCore Bank, and Inacta. What’s more, InCore Bank would provide staking, trading, and institutional-grade storage for XTZ, making it the first local bank to launch such products.
The trio has joined forces on the matter. Inacta developed the DAR-1 token standard, allowing smart contracts on the Tezos blockchain and providing necessary financial operations. In their turn, Crypto Finance Group and InCore Bank launched the product.
Stijn Vander Straeten – CEO of Storage Infrastructure with the Crypto Finance Group – praised the collaboration between the three institutions. He raised hopes that the move would be beneficial to the financial system:
“This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenization significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.”
Tezos is a decentralized, open-source proof-of-stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.
Shortly after the news broke, the native token increased its USD value to reach a five-month high of over $4.40. Despite retracing slightly since this local peak, XTZ is still more than 10% up in a day.
Societe Generale Also Chose Tezos
The Swiss financial organizations are not the only ones in the field to choose Tezos as an operating underlying network for their services.
As CryptoPotato reported in April, the leading French bank Societe Generale used it to issue a structured product as a security token. In fact, it was the first such service that the third-largest bank in France launched.
The initiative aimed to offer digital asset structuring, issuing, exchange, and custody services to the institution’s professional clients by 2022. Per the report, the “transaction completes a new step in the development of Societe Generale Forge,” which is a regulated subsidiary of Societe Generale Group.
April saw another collaboration between a French company and Tezos. By partnering with the blockchain project, the gaming giant Ubisoft became an official corporate validator node on its network.
The firm outlined its mission to facilitate and spread blockchain adoption and innovative technology. As part of the long-term research plan, Ubisoft will experiment with the proof-of-stake consensus, validating transactions and adding them to the Tezos blockchain.