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.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms & conditions and privacy policy.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:
“We will probably start with more simple ones. So, basically in the private debt area and then, of course, we will move into the private equity area.”