Tezos has been chosen by 3 leading European banks to enable smart contracts, according to the press release shared with iHodl.
In particular, Crypto Finance Group, InCore Bank and Inacta are relying on Tezos to enable digital financial products through a new token standard that can be used to tokenize assets.
The 3 banking institutions have developed a new Tezos token standard for asset tokenization based on the Tezos FA2 standard. In addition, InCore Bank has announced it is launching staking and trading services, among others, for Tezos' native token Tez (XTZ).
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The banks have chosen Tezos to power the new token standard for asset tokenization due to the fact that network upgrades are possible without disruptions or spits thanks to its on-chain governance.
Stijn Vander Straeten, CEO of Storage Infrastructure with the Crypto Finance Group, said:
"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."