Taurus, Supported by Credit Suisse and Deutsche Bank, Goes Live on Polygon Blockchain

Taurus Links with Polygon for Tokenization of Real-World Assets

Taurus, a leading provider of custody, tokenization, and trading services for digital assets, has partnered with the Ethereum scaling network Polygon. This collaboration comes as the tokenization of real-world assets gains traction among financial institutions and large companies.

The link-up with Polygon includes support for staking and decentralized finance (DeFi), according to a statement by the Geneva-based digital asset infrastructure provider. Taurus recently secured $65 million in funding during a funding round led by Credit Suisse (CS) and Deutsche Bank (DBK) in February.

Tokenization, which involves representing an asset as digital units that can be traded, has been attracting mainstream financial institutions to the blockchain industry. Tyrone Lobban, the head of JPMorgan’s digital assets platform Onyx, referred to tokenization as the “killer app” for traditional finance in April. JPMorgan executed live trades using tokenized versions of the yen and the Singapore dollar on Polygon in November. Additionally, Bank of America reported in April that the tokenized gold market had exceeded $1 billion in the previous month.

“Most Tier 1 financial institutions are entering the space and building capabilities to manage tokenized securities,” stated Taurus in an email. “They all want a blockchain-agnostic and token-agnostic infrastructure.”

As a layer 2 blockchain, Polygon is designed to process transactions faster and at a lower cost compared to the main Ethereum network. Polygon’s vision extends beyond Ethereum as it aims to become an “internet of blockchains,” connecting various Ethereum-compatible networks. This expansion includes ongoing efforts to reduce transaction costs and improve transaction speeds.

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