Deutsche Boerse-backed crypto company Crypto Finance AG and Swiss business-to-business (B2B) bank InCore announced their partnership and introduced a new tokenisation tool based on the Tezos blockchain.
Tezos, a decentralised, open-source proof-of-stake (PoS) blockchain network will now become the token standard for asset tokenisation built on the Tezos FA2 standard – a multi-asset interface for Tezos allowing developers to create new token types such as NFTs.
Dubbed ‘DAR-1’, this token standard enables smart contracts that provide all necessary functions – from anti-money laundering regulations to asset governance – in order to support financial markets.
Broader potential for tokenisation
Stijn Vander Straeten, CEO of Storage Infrastructure with the Crypto Finance Group described the work as a tangible example of how FA2 on Tezos could significantly broaden the potential for tokenisation.
“The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today,” he said.
He also explained Tezos was chosen in order to power the new token standard for asset tokenisation “because its on-chain governance allows upgrades without disrupting or splitting the network”.
According to the company, this represents a very attractive opportunity for financial service providers who will be able to implement seamlessly and offer staking and future innovations directly to their clients.
InCore will, therefore, become the first Swiss B2B bank to launch staking services for the Tezos network, utilising new yield-earning products for its customers.