Xtz up 11% as Swiss companies use Tezos for new token standard

The price of xtz, the token underlying the Tezos blockchain, has risen 11.1% in the past 24 hours to a 12-week high.

Xtz hit $ 4.38 on Tuesday morning and then fell to $ 4.30 when it aired, according to CoinGecko.

XTZ is currently ranked 45th with a market capitalization of $ 3.6 billion.it is the largest cryptocurrency.

Tezos ‘ choice of blockchain as a partner to create price-enhancing digital financial products for the Swiss group, blockchain and finance companies, Crypto Finance Group, InCore Bank and Inacta.

The result of the collaboration was the development and implementation of the new standard of Tezos tokens for tokenization of assets, called “dar-1”.

It is based on the existing Tezos FA2 token standard and provides the smart contract functionality needed to support financial market transactions, from compliance with money laundering requirements to asset management.

What is Tezos?
Launched in 2018, Tezos is a proposal validation (PoS) platform that allows developers to create decentralized applications based on smart contracts. In addition, Tezos places great emphasis on the management model for token holders to actively participate in the decision-making process.

With quick and cheap transactions, Tezos also makes trips to the world of decentralized finance (Defi) and non-replaceable tokens (NFT), hoping to gain Sunday Share.

Defi is a new financial services group copying the services of traditional banks. NFTS, on the other hand, are coin-operated receipts that can support anything from artwork, music and even concert tickets.

Tezos runs Defi, but can it capture Ethereum?
In a joint statement, Crypto Finance Group, InCore Bank and Inacta said the main reason they chose Tezos was because “chain management allows updates without the network collapsing or splitting.”

Incore Bank also announced it would be the first B2B Bank to launch corporate trading in Switzerland

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