2021-8-25 15:48 |
Crypto Finance AG, a Deutsche Boerse-backed crypto firm, Swiss-based business-to-business (B2B) bank InCore, and consulting firm Inacta AG, have joined hands to launch a new tokenization tool on the Tezos FA2 standard. InCore Bank unveiled this news through a press release earlier today, noting that the tokenization tool is dubbed DAR-1. Reportedly, this tokenization standard will enable the development of new smart contract-based functions that support financial markets. Such functionalities include Anti-Money Laundering regulations and asset governance.
According to the news release, Inacta is the developer of the DAR-1 standard, while InCore Bank seamlessly and Crypto Finance are behind the product’s launch. Commenting on this joint venture, Stijn Vander Straeten, the CEO of Storage Infrastructure at Crypto Finance Group, said the DAR-1 token standard illustrates how FA2 on Tezos expands the potential for tokenization. He added that such use cases of the Tezos blockchain have made it possible to launch innovative, compliant on-chain financial products.
The publication further detailed that the trio decided to use the Tezos blockchain to power the new tokenization standard because its on-chain governance supports upgrades without splitting or disrupting the network. Per InCore, this feature is vital because it will let financial services providers implement the tokenization standard to offer their clients staking, among other innovations directly. InCore Bank added that this partnership facilitates the creation of future banking systems, which eliminate legacy problems such as additional costs.
Tezos (XTZ) surges over 5%Apart from teaming up with Crypto Finance and Inacta to launch the DAR-1 tokenization standard, InCore announced that it has also launched institutional-grade storage, staking, and trading for Tezos (XTZ/USD). By tapping into InCore’s financial institutions will be able to stake their clients’ assets, enabling them to generate revenue.
Following this announcement, XTZ gained a bullish momentum that saw it surge as high as $4.40 (£3.21). At the time of writing, the coin is trading at $4.27 (£3.11), with a 5.01% change over the past 24 hours. XTZ is currently the 42nd-largest cryptocurrency with a market cap of $3,657,749,096.00 (£2,665,090,857.58).
This news comes as the Tezos network continues expanding rapidly. In April, Societe Generale, a leading French bank, used the Tezos blockchain to issue a security token. In the same month, gaming giant Ubisoft joined hands with Tezos to become a corporate node validator on its blockchain.
The post Swiss-based B2B InCore Bank rolls out new tokenization tool on Tezos appeared first on Invezz.
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