Custody and Tokenization Platform Taurus Embeds Polygon Blockchain June 2, 2023 June 2, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 2, 2023 by Kelly Cromley

Custody and Tokenization Platform Taurus Embeds Polygon Blockchain

Taurus, a firm that specializes in offering custody, tokenization, and trading services for digital assets, has recently joined forces with Polygon, an Ethereum scaling network. This partnership comes at a time when the tokenization of real-world assets is gaining momentum among financial institutions and major corporations.

As per a communication released on Friday by a digital asset infrastructure provider based in Geneva, Switzerland, the partnership with Polygon encompasses backing for staking and decentralized finance (DeFi). During the month of February, the organization secured a total of $65 million in funding through a funding round that was primarily supported by Credit Suisse (CS) and Deutsche Bank (DBK).

The process of tokenization, which involves the conversion of an asset into digital units that can be traded, is anticipated to entice conventional financial institutions to the blockchain sector. During the month of April, Tyrone Lobban, the director of Onyx, JPMorgan’s digital assets platform, referred to tokenization as the “killer app” for conventional finance. In November 2017, JPMorgan conducted real-time transactions utilizing tokenized versions of the Singapore dollar and yen on the Polygon platform. Furthermore, it was reported by Bank of America in April that the market for tokenized gold had exceeded $1 billion in the preceding month.

Taurus communicated via email that a significant number of Tier 1 financial institutions are venturing into the field and enhancing their capacities to handle tokenized securities. There is a desire for an infrastructure that is not specific to any particular blockchain or token.

Polygon, being a layer 2 blockchain, is specifically engineered to facilitate transactions at a faster pace and with reduced expenses compared to Ethereum’s main network. Polygon aims to broaden its reach beyond Ethereum and establish itself as a “internet of blockchains” that interconnects all Ethereum-compatible networks, with the objective of lowering transaction costs and enhancing transaction speeds.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.