Swiss InCore Bank Launches New Tokenization Tool Using Tezos

Swiss InCore Bank announced the upcoming launch of Tezos custody, trading, and staking services that target financial institutions as we are reading more in our latest Tezos news.

Deutsche Boerse-backed Crypto finance AG digital asset company and Swiss Incore Bank are launching a new tokenization tool based on the Tezos blockchain. The bank announced a new collaboration with Crypto Finance AG and Swiss IT consulting company firm Inacta to launched new digital financial products based on Tezos which is a decentralized open-source Pos blockchain network. The involved companies developed a new Tezos token standard for the asset tokenization built on the Tezos FA2 standard which is a multi-asset interface for Tezos allowing devs to invent token types like NFTs.

Using the Tezos FA2, Inacata created the new DAR-1 token standard that aims to unlock a new smart contract enabled function to support the financial markets such as Anti-Money Laundering regulations, mechanisms, and asset governance. In conjunction with the tokenization tool, the Incore bank announced the upcoming launch of the storage, staking, and trading services for TEzos, and by using these integrated services, financial institutions will be able to start offering to stake for the clients’ assets, allowing them to earn rewards generated via staking or participating in transaction validation via locking up XTZ tokens.

The CEO of storage infrastructure Stijn Vander Straeten at the Crypto Finance Group said that the new collab is an example of how FA2 on Tezos expands significantly tokenization opportunities:

“The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.”

As recently reported, McLaren Racing partnered with Tezos and this partnership will plaster the Tezos logo on the cars and the drivers’ suits as well. Tezos also partnered with Red Bull Racing. Formula 1 team McLaren will partner with Tezos to also bring a range of NFTs that will celebrate the team’s heritage. As a part of the partnership, the blockchain’s logo will be featured on the team’s vehicles and the race suits. According to the announcement, Tezos will become the official technical partner of McLaren across Formula 1 in a multi-year partnership and esports as well with a goal to create an NFT platform with fan experience at its heart by drawing the racing heritage and the historical driver line-ups.