A trio of crypto-friendly banks based in Switzerland has announced plans to offer regulated tokenized assets using the Tezos blockchain. The banks are Crypto Finance, InCore Bank and Inacta.
The regulated trio teams up with Tezos to create tokenized assets
Tezos was chosen for its unique blockchain. The network is self-upgrading, which allows the activation of essential consensus updates without dividing the network.
Banks plan to integrate financial products for their institutional clients using a new token standard on the Tezos blockchain.
The new standard called “DAR-1” was created based on Tezos' FA2 design. The DAR-1 token standard enables smart contracts needed to support modern financial markets in compliance with regulations.
Crypto Finance would act as the infrastructure provider for the project, while InCore Bank would manage tokenization using the new DAR-1 token standard, developed by Inacta.
In addition to the joint partnership, InCore Bank has also introduced storage services, staking and institutional level trading for XTZ, the native cryptocurrency of the Tezos blockchain - here the quotation in real time.
This would make InCore Bank the first Swiss business-to-business bank to launch staking for the Tezos network, unlocking new yield products for institutional clients.
Lo staking XTZ with InCore Bank can be started directly via embarking, unlike the staking traditional. Customers will receive periodic statements regarding payments from staking.
Tezos is quite popular in Switzerland, which is not surprising as the founders of the network, the Tezos Foundation, are based there. Last year, Swiss digital asset firm Sygnum Bank launched trading and custody services for Tezos.
Most recently, the Gemini cryptocurrency exchange announced the listing of the Tezos token on its Gemini Earn platform. Gemini Earn is a passive income program where tokens are locked in with world-class security and interest accrued daily.
Tezos launches updates on the network
Tezos has recently welcomed additions from several protocols as it continues to upgrade its network.
Tezos is an open source blockchain network that powers applications and tools behind major financial institutions, central banks, NFTs, DeFi platforms, and so on.
The seventh successful network update, called Granada, was activated this year. Granada contains numerous bug fixes and minor improvements for the Tezos protocol. The update halves block times and reduces the gas consumption of the smart contract by 3-6 times. It also introduces the liquidity banking system.
The update, which is the third to take place this year, is named after a Spanish city. Granada was launched three months after the previous one, nicknamed Florence.
The Florence update was the one that doubled the size of the maximum operations (from 16 kB to 32 kB), reduced the gas in the execution of the smart contract. It simplified the editing process by deactivating unused test chains on the Tezos protocol.