Three crypto-focused firms in Switzerland are using the Tezos blockchain to offer tokenized assets to institutional clients.
FINMA-authorized cryptocurrency trading firm Crypto Finance AG is teaming up with Zürich-based InCore Bank and crypto-focused IT firm Inacta to create regulated financial products using a new tokenization process based on the Tezos FA2 standard, the companies announced Tuesday.
In addition, InCore Bank announced the launch of institutional-grade storage, staking and trading services for XTZ, the native cryptocurrency of the Tezos blockchain.
Tezos, one of the first blockchains to go live with a proof-of-stake consensus system back in 2018, has close ties to Switzerland, where the Tezos Foundation – like many other public blockchain foundations – is based.
Crypto Finance is acting as an infrastructure provider on the project, while InCore Bank is carrying out tokenization using the new “DAR-1 token standard” on Tezos, developed by Inacta. Swiss regulators are close to approving the first Tezos-tokenized product, said Crypto Finance Group’s Stijn Vander Straeten.
In terms of what areas will be tokenized on Tezos, Vander Straeten told CoinDesk:
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