Tezos Soars 29% in a Day Amid Adoption by Swiss Banking Giants

The value of open-source blockchain platform Tezos surged 29 percent in 24 hours after it was chosen by a Swiss banking consortium to develop regulatory-compliant digital financial products.

Incore Bank, a business-to-business transaction bank based in Zurich, is collaborating with two other Swiss entities – IT company Inacta and fintech specialist Crypto Finance Group – to power smart contracts for a range of on-chain digital financial products and use cases.

Along with Tezos, the three companies have launched a new standard for tokens called DAR-1, allowing smart contracts to help comply with anti-money laundering regulations, handle governance and support asset management activities.

Assets to be Issued in DAR-1 via Tezos Later This Year

Developed by Inacta, DAR-1 is based on Tezos FA2, a token contract interface for single and multi-token smart contracts. Incore and Inacta intend to begin issuing assets in the DAR-1 tokenisation standard via the Tezos network later this year.

In conjunction with Crypto Finance Group, Incore has announced a new range of services that include institutional-grade storage, staking, and trading services for Tez (XTZ), the native token of the Tezos blockchain.

This [three-way collaboration] is a tangible example of how FA2 on Tezos broadens the potential for tokenisation significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.

Stijn Vander Straeten, CEO of Storage Infrastructure, Crypto Finance Group

Under the deal with Tezos, Incore Bank will also offer staking for its clients’ assets directly via e-banking. The Tezos platform has the necessary security to protect assets and other high-value use cases at the protocol and application layers, ideally suiting it to applications in banking.

This is not the first time Tezos has been targeted by major players in the banking industry. Last year, French bank Société Générale issued its official security token using the Tezos blockchain.