Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos
Crypto Finance, Inacta, and InCore Bank have combined to form the Swiss financial trio, and they have joined forces in establishing financial products regulated on Tezos.
The three Switzerland firms focus on crypto; they use the Tezos blockchain to provide institutions tokenized assets. Their major target is to serve and satisfy institutional clients.
FINMA is partnering with Inacta and InCore Bank to provide regulated financial products with the recent tokenization process. The company announced this on Tuesday, adding that the process will follow the standard of Tezos FA2.
FINMA is the Swiss Financial Market Supervisory Authority is the Swiss government body responsible for financial regulation.
Related Reading | Reports Show 45% Surge In Stock And Cryptocurrency Sign-Ups Across Rural Areas In India
It’s a licensed cryptocurrency trading firm established in 2007 with Mark Branson as the CEO. Their services include the supervision of banks, stock exchanges, insurance companies, securities dealers, and other financial intermediaries in Switzerland.
InCore Bank had announced the onboarding of institutional-grade staking, storage, and trading services. This would be for XTZ, the Tezos blockchain native cryptocurrency.
The Tezos blockchain
Tezos is an open-source Proof of Stake, a decentralized blockchain network capable of executing peer-to-peer transactions. In addition, it serves as a platform for deploying smart contracts with the Tez as its native crypto represented as XTZ.
Tezos was among the first blockchains to integrate a proof-of-stake consensus system in 2018. Tezos has its foundation located in Switzerland, similar to other public blockchain foundations.
Crypto Finance acts as the provider of the infrastructure on the project while InCore Bank carries out tokenization. The Bank would use the new ‘DAR’ standard of 1 token on Tezos built by Inacta.
According to Stijn Vander Straeten, Swiss regulators are not far from issuing approval to the first tokenized product on Tezos.
Stijn Vander Straeten is the CEO of Crypto Finance (Infrastructure Services) AG in the Crypto Finance Group.
Before joining the firm, Stijn worked for a fintech bank in Zug as the CEO. He has thirteen years of experience in the banking, wealth, and asset management sectors, holding various positions in senior management.
Areas To be Tokenized on Tezos
Vander Straeten revealed their plans while talking about the areas to be tokenized on XTZ. He stated that We would definitely kick start with the simpler ones, mostly in private debt. Then we will gradually move into the private area of equity.
Related Reading | FTX Bags Naming Rights Of Cal Memorial Stadium For $17.5M To Display Their Brand
However, the XTZ ecosystem slacks the aspect of development, though it barely reflects on the price of the XTZ token.
The XTZ token trades at $5.56 in downward momentum | Source: XTZUSD on TradingView.com
Featured image from Pixabay, chart from TradingView.com