- Swiss Banking and its partners have chosen Tezos to power Smart Contracts.
- Launched a new standard for tokens called DAR-1.
- DAR-1 is based on Tezos FA2, a token contract interface.
Swiss Banking services Incore Bank is in partnership with Inacta and Crypto Finance Group have chosen Tezos, an open-source proof-of-stake (PoS) blockchain network, to power smart contracts for a range of on-chain digital financial products and use cases.
Accordingly, along with Tezos, the entities Incore Bank, Inacta, and Crypto Finance Group have launched a new standard for tokens called DAR-1, that enables smart contracts to perform functions necessary to support finance.
More so, these functions include complying with anti-money laundering regulations, handling governance, and supporting asset management activities.
Furthermore, DAR-1 is based on Tezos FA2, a token contract interface for single and multi-ton smart contracts. Incore Bank and Inacta intend to begin issuing assets in the DAR-1 tokenization standard through the Tezos network later this year.
Even more, in the launch of the DAR-1 token standard, Incore Bank unveiled a new range of services in conjunction with Crypto Finance Group, a FINMA-licensed provider of institutional and professional investors products and services for digital assets. Therefore, these regulatory-compliant offerings include institutional-grade storage, staking, trading services for Tez (XTZ), the native token of the Tezos blockchain.
Henceforth, the Tezos platform is seeking to provide the safety and cod correctness necessary to protect assets and other high-values use cases at the protocol and application layers, making it suitable for applications in banking.
In comparison to other established chains likeEthereum, which is undergoing its ETH 2.0 upgrade, Tezos, alongside Cardano, calls itself a third-generation blockchain, known colloquially as Blockchain 3.0. Tezos is dissimilar to Ethereum in its present form, but it hopes to provide higher transaction throughput and mechanisms designed to handle network congestion.