Swiss bank InCore and digital asset company Crypto Finance AG announced today its intention to launch a brand new tokenization tool using Tezos blockchain. This new development stems from InCore Bank’s newly-found partnership with the Deutsche Boerse-supported Crypto Finance AG and prominent Swiss IT consulting company Inacta, which aims to introduce a series of digital finance products based on Tezos.
The particular group of Swiss firms has also notably developed a new token standard for tokenization, called “DAR-1.” As per the reports, DAR-1 is based on the current Tezos FA2 token standard and features smart contract functions needed to secure financial markets activity, such as asset governance and anti-money laundering compliance.
Alongside Tezos’ integration as its tokenization tool, InCore Bank also noted the imminent launch of trading, staking, and storage services on Tezos specifically for institutional investors. As per InCore Bank, such services enable their institutional clients to earn substantial rewards through staking activities or participating in transaction validations via committing XTZ tokens.
Following the announcement, the price of the XTZ, Tezos’ native token, surged by 11% to reach around $4.38 per token, according to CoinGecko. This uptick in XTZ’s global market price represents the token’s highest recorded value from the past 12 weeks. As it currently stands, XTZ sits as the 45th world’s largest crypto, with a recorded market capitalization of about $3.6 billion.