Tezos selected to bring smart contract functionality to leading European banks

  • Crypto Finance Group, InCore Bank, and Inacta have chosen Tezos blockchain for innovative, compliant on-chain digital financial products.
  • InCore Bank will also be offering institutional-grade XTZ storage, staking, and trading services.

Crypto Finance Group, InCore Bank, and Inacta have chosen Tezos blockchain for innovative, compliant on-chain digital financial products. The European organizations will also utilize the DAR-1 token standard, for asset tokenization based on the Tezos FA2 standard. Moreover, InCore Bank is launching institutional-grade storage, staking, and trading services for Tez (XTZ) – Tezos’ native token.

Of note, Crypto Finance is a leading provider of institutional and professional crypto assets services such as management and brokerage. Being a FINMA-licensed securities firm, Crypto Finance offers authorized digital asset management and 24/7 brokerage services. InCore Bank facilitates transaction baking for both traditional and digital assets, business process outsourcing, and other services. Inacta uses blockchain tech to provide financial and technology services. Specifically, these services include consulting, training, and software development so start-ups and established companies.

Tezos digital financial products

Inacta’s digitization experts came up with the DAR-1 token standard, while Crypto Finance and InCore Bank led the launch. The Tezos token standard enables smart contracts which support anti-money laundering, and asset governance, among other services upholding financial markets. Stijn Vander Straeten, CEO of Storage Infrastructure with the Crypto Finance Group stated;

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 was chosen because it’s an open, fast, secure, and reliable proof-of-stake network suited for the next-gen financial services products. Additionally, the Swiss blockchain powers the token standard because its on-chain governance allows seamless non-disrupting network upgrades. This feature allows smooth operations for financial service providers when offering current and future products to their clients.

The partnership between the Tezos network and the three financial players, therefore, supports futuristic banking services. It also minimizes legal setbacks which may be costly and require certain compromises.

InCore bank leveraging on XTZ

InCore Bank approached Crypto Finance to provide technology services that support XTZ trading and staking. The institution is now the first Swiss business-to-business transaction bank to launch staking services on the Tezos network. Institutional clients will, therefore, have access to new yield-earning products from the bank. Financial institutions that have integrated InCore Bank’s services will also be able to seamlessly offer the same staking services.

With staked assets, clients can take part in network governance and simultaneously earn network-generated rewards. Customers can start staking directly through e-banking services and they will receive regular statements of their staking rewards.

In the future, InCore Bank and Inacta plan to launch several issuances on Tezos in collaboration with other participants. The partners will be known as pioneers in the digital asset industry. The developments will also create prospects for new and innovative financial market players to leverage Tezos’ investment opportunities.

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