10 August 2023

Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx

The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...

Tezos Selected To Enable Smart Contracts For Leading European Banks

Crypto Finance Group, InCore Bank, and Inacta have selected Tezos for the development of innovative, compliant, on-chain digital products for the financial market.

At the center of these products, a new Tezos-based token standard called ‘DAR-1’ has been developed for asset tokenization based on the Tezos FA2 standard.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

Bank Smart Contracts

24 August 2021, Zurich, Switzerland — Crypto Finance Group, InCore Bank, and Inacta have selected Tezos for the development of innovative, compliant, on-chain digital products for the financial market.

At the center of these products a new Tezos-based token standard called DAR-1 has been developed for asset tokenization based on the Tezos FA2 standard.

Additionally, InCore Bank announced the launch of institutional-grade storage, staking, and trading services for Tez (XTZ), the native cryptocurrency of the Tezos blockchain.

The DAR-1 token standard on the Tezos blockchain enables smart contracts that provide all of the functions that are necessary to support financial markets in compliance with regulations.

For the tokenization of assets on Tezos for example, all limitations that are necessary to comply with regulations are registered and enforced on the blockchain through sets of smart contracts.

The DAR-1 token standard was developed by Inacta, digitization experts for technology and finance services.

The launch is enabled by Crypto Finance, a leading provider of institutional and professional investor products and services for digital assets, and InCore Bank, a business-to-business transaction bank.

”This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenization 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 with the Crypto Finance Group.

Tezos was chosen to power the new token standard for asset tokenization, because its on-chain governance allows upgrades without disrupting or splitting up the network.

For tokenized assets that are registered on a blockchain, hard forks cause a serious risk. These assets are heavily regulated and these regulations also need to be enforced on their tokenized form.

A split chain caused by a hard fork, would mean that these tokens that are supposed to have fixed circulating supplies, would continue to exist on both chains and double in numbers.

Very uncomfortable choices would needed to be made by the issuers of these tokens with regulators watching their every move. Tezos fixes this. Read more about these issues and how Tezos fixes this here.

This is highly attractive to financial services providers, who will be able to implement applications seamlessly and offer staking and future innovations directly to their clients.

This collaboration of leading Swiss blockchain and financial players enables banking designed for the future, minimizing legacy issues that imply additional costs and compromises.

Opening the door for institutional customers: integrated staking services

Additionally, InCore Bank will be the first Swiss business-to-business bank to launch staking services for the Tezos network, unlocking new yield earning products for institutional customers.

Financial institutions benefiting from InCore Bank’s fully integrated services will be able to offer staking for their clients’ assets seamlessly and effortlessly.

Staking lets clients participate in the governance of the network and earn rewards generated by the network, similar to mining in the Bitcoin network. It can be initiated directly via e-banking, and clients receive regular statements of the staking rewards.

InCore Bank approached Crypto Finance to provide technology services for secure and compliant digital asset storage and to support the trading and staking of XTZ.

InCore Bank and Inacta are planning to launch a number of issuances on Tezos together with other participants in the ecosystem.

These launches establish the named partners as pioneers in the digital asset industry and open the door to innovative new financial market participants to leverage the attractive investment opportunities on the Tezos blockchain.

About InCore Bank

InCore Bank AG is a financial service specialist bank and a banking services for other banks based in Zurich.

This combination of specialties makes it a one-stop business-to-business transaction bank founded in 2007, providing banks, security dealers, and fintech companies with first-class transaction banking and outsourcing services.

As a Swiss corporation with a banking- and securities dealer licence, InCore Bank offers a comprehensive and modular range of services covering transaction banking for traditional and digital assets, business process outsourcing and other services.

This offering enables other market participants to reduce complexity and focus on their core business.

About Inacta

Founded in 2009 and based in Zug, Inacta AG is an independent Swiss IT company that combines the expertise of more than 80 experienced digitization experts.

Inacta provides consulting, project management and software development services to established companies and start-ups. As an early adopter, it understands technologies such as Blockchain or AI and uses them in a targeted manner.

Inacta is a founding member of the Crypto Valley Association and the Swiss Blockchain Federation.

As initiator of the cryptovalley directory, the Blockchain Summit and the Blockchain Competition, it promotes technology start-ups and their networking with established companies.

About the Crypto Finance Group

Crypto Finance AG is a financial services provider specialised in crypto assets. The range of activities of Crypto Finance AG, and its subsidiaries, includes asset management, brokerage and crypto asset storage infrastructure.

Crypto Finance Group provides asset management with the first regulated asset manager for collective investments for crypto asset funds authorised by FINMA.

They also provide brokerage services for 24/7 crypto asset trading as a FINMA-licenced securities firm. Additionally, they provide crypto asset storage infrastructure and tokenization solutions.

Since its founding in 2017, the group has been recognised several times for its qualities in the industry, including as a Crypto Valley Top 50 blockchain company, Top 100 Swiss Start-up, and 2019 Swiss FinTech Award winner.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

Upload Article

Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at [email protected]. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.

Hidden
Hidden
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Banner Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: pdf, doc, docx, Max. file size: 128 MB.
Submit Article: Suitable Formats = PDF, WORD
By Uploading an article, you are accepting all to all copyright and information that is to the best of your knowledge true and accurate.
Agree(Required)

Other News

View More
Tezos Robinhood

Robinhood Adds XTZ to Its Cryptocurrency Offerings for New York

Robinhood, a popular trading platform known for democratizing access to financial markets, has expanded its cryptocurrency services in New York State by adding Tezos (XTZ) to its list of available digital assets. This development allows New York-based users to buy, sell, and trade Tezos, enhancing the cryptocurrency’s accessibility…

Read More

Tezos X: A Vision for the Future of Blockchain

Today, Tezos X has been unveiled, presenting a forward-looking vision for Tezos that marks a significant evolution from its original design. According to the official blog, this vision addresses some of the most fundamental issues in the blockchain space, aiming to enhance usability and utility while maintaining the core properties of blockchain technology.

Read More

Werenode: Fusing Blockchain Brilliance with EV Charging Innovation

As electric vehicles (EVs) become more prevalent, Werenode is leading the charge by revolutionizing the EV charging infrastructure through blockchain technology. By leveraging Tezos and Binance blockchain technology, Werenode aims to simplify the EV charging process, ensuring secure, transparent, and immutable transactions. Their approach tackles key challenges in the industry, such as network fragmentation, interoperability, and complex payment systems.

Read More