Taurus, supported by Credit Suisse and Deutsche Bank, now runs on Polygon blockchain.
Taurus, a provider of custody, tokenization, and trading services for digital assets, has partnered with the Ethereum scaling network Polygon. This move comes as tokenization of real-world assets gains popularity among financial institutions and large companies. In an email sent on Friday, Taurus announced that the partnership with Polygon will also include support for staking and decentralized finance (DeFi). Taurus, based in Geneva, Switzerland, raised $65 million in funding in February in a round led by Credit Suisse (CS) and Deutsche Bank (DBK).
Tokenization, which is the representation of an asset in digital format that can be traded as units, is seen as a way to attract mainstream financial institutions to the blockchain industry. Tyrone Lobban, head of JPMorgan’s digital assets platform Onyx, referred to tokenization in April as the “killer app” for traditional finance. In November 2020, JPMorgan conducted live trades using tokenized versions of the yen and the Singapore dollar on Polygon. In April of this year, Bank of America published a report stating that the tokenized gold market had surpassed $1 billion the previous month.
In the email, Taurus stated that “Most Tier 1 financial institutions are entering the space and building capabilities to manage tokenized securities. They all want a blockchain-agnostic and token-agnostic infrastructure.”
Polygon, as a layer 2 blockchain, is designed to process transactions at a lower cost and greater speed than the main Ethereum network. Polygon also aims to expand beyond Ethereum and become an “internet of blockchains” by connecting any Ethereum-compatible networks together while continuing to reduce transaction costs and increase speeds.
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Read More: Tokenization of Real-World Assets ‘Changes How Value Is Transferred’
This article was edited by Sheldon Reback.
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