Open-source platform Tezos has been the choice of 3 leading European banks to implement smart contracts. Notably, Crypto Finance Group, InCore Bank and Inacta have chosen Tezos to implement new digital financial products on their platforms through a new token standard.
According to the announcement, the new token standard, the DAR-1 token standard, which is based on Tezos’ FA2 standard, allows the use of smart contracts providing a wide range of functions to financial markets, which include anti-money laundering regulations and asset governance.
Why Have These Banks Chosen Tezos?
The answer is very simple. Thanks to Tezos’ on-chain governance, network upgrades can be made without any type of interruptions. As a result, financial service providers will be able to offer staking and future innovations directly to their clients.
In addition, special mention must be made to InCore Bank, which will be the first Swiss business-to-business bank to launch staking services for the Tezos network.