Incore Bank has selected Tezos, in partnership With Inacta and Crypto Finance Group as their preferred platform blockchain platform to develop regulatory compliant digital financial products. They have also adopted a new token standard called DAR-1.
Tezos activates smart contracts for European banks
Bank for business to business transactions Main bankIn collaboration with Inacta Crypto Finance GroupYou can choose Tezos, an open-source proof of stake (PoS), blockchain network, to power smart contract for a variety of on-chain digital financial products.
Tezos and these entities created DAR-1, a new standard for tokens that allows smart contracts to perform the necessary functions to support finance. These functions include compliance with anti-money laundering regulations, managing governance, and supporting asset management activities.
Inacta, an IT company focused solely on software development, blockchain promotion and software development, developed DAR-1. DAR-1 is based in Tezos FA2, a token contract interface for single and multi-token smart agreements. Incore Bank, Inacta and others plan to begin issuing assets under the DAR-1 tokenization standard via the Tezos network in the latter part of this year.
Incore Bank, in collaboration with Crypto Finance Group (a FINMA approved provider for products and services to institutional or professional investors of digital assets), has launched the DAR-1 token standard. These regulatory-compliant offerings include institutional level storage, staking or trading services for TezXTZ), the native token of the Tezos blockchain.
Financial institutions that use Incore Bank’s services for the Tezos network will be able offer staking for clients’ assets via e-banking, with the launch of Incore Bank’s staking services
Transform traditional banking
The Tezos platform is designed to provide security and code accuracy at the protocol and application layers to protect assets. It is suitable for banking applications.
Comparable to Ethereum and other established chains, Ethereum is in the midst of its own transformation. ETH Upgraded 2.0, Tezos, alongside Cardano, is called a “third generation” blockchain, known colloquially as Blockchain 3.0. Tezos is not Ethereum as it stands now, but Tezos aims to provide greater transaction throughput and to address network congestion.
Tezos is based on its on-chain governance model which allows upgrades without disrupting the existing network or dividing it like Ethereum. Hard forks can pose a serious risk for tokenized assets registered on a Blockchain. Hard forks can cause strings to be split, which could lead to situations where tokens meant to have a fixed supply would continue to exist on both strings, double the total number.
However, Ethereum has been the preferred vehicle for financial service organizations looking to test blockchain’s viability in traditional asset issuance. In partnership with Banque de France, the European Investment Bank (EIB), issued a $ 100,000,000 2-year bond. It was registered and settled on Ethereum.
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