Tezos blockchain is being tapped by three major Swiss crypto-based firms to offer tokenized assets to institutional clients.
Issuing Tokenized Assets on Tezos
Tezos (XTZ), a proof-of-stake (PoS) consensus algorithm smart contract platform is being used to offer tokenized assets to institutional clients by three crypto-focused companies in Switzerland.
Specifically, Crypto Finance, InCore Bank, and Inacta have allied to developed regulated financial crypto products on Tezos.
Crypto Finance AG, a FINMA-authorized cryptocurrency trading firm, Zurich-based InCore Bank, and crypto-focused IT firm Inacta have teamed up to create regulated financial products via a new tokenization process based on the Tezos FA2 standard, the firms announced today.
Further, InCore Bank also unveiled the launch of its institutional-grade storage, staking, and trading services for XTZ which is the native digital currency of the longest running PoS blockchain, Tezos.
As close followers of the crypto industry might now, Tezos is one of the longest running PoS blockchains in existence today having launched the stake-based consensus algorithm back in 2018.
The Tezos Foundation has close ties to Switzerland, a country considered the global hotbed for crypto projects along the likes of Singapore, Malta, and others.
While Crypto Finance is working as an infrastructure provider on the project, InCore Bank is working toward carrying out tokenization via the new “DAR-1 token standard” on Tezos developed by Inacta.
Crypto Finance Group’s Stijn Vander Straeten says the Swiss regulators are quite close to approving the first Tezos-tokenized product. 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.”
Tezos Ecosystem Growing Steadily
While it might not reflect on XTZ’s price movement, the Tezos ecosystem has been on a tear in terms of ecosystem developments.
Earlier this year in April, BTCManager reported that Societe Generale had announced the issuance of its first structured product as a security token on the Tezos (XTZ) blockchain.
On a recent note, the issuer of the leading US-pegged stablecoin USDC announced it would issue the token on the energy-efficient, PoS-based Tezos blockchain.
At press time, XTZ is trading at $4.23 with a market cap of more than $3.6 billion.
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