Swiss Digital Asset Service Provider Taurus Partners with Polygon
Swiss digital asset service provider, Taurus, has recently established a strategic alliance with Polygon, the Ethereum blockchain scaling network.
About Taurus and Polygon Partnership
Taurus, based in Switzerland, offers a range of services including custody, tokenization, and digital asset trading. The company’s partnership with Polygon enables them to extend their support for staking and DeFi services, as announced by the company.
Taurus Attracts Substantial Financial Support
Earlier this year, Taurus secured $65 million in funding from a round led by heavyweight financial institutions Credit Suisse and Deutsche Bank. This collaboration with Polygon further underscores the growing significance of tokenization within the financial sector.
Tokenization and its Impact
Tokenization involves representing physical assets as digital units, facilitating electronic trading. This growing trend has piqued the interest of traditional financial institutions, driving their attention towards the emerging blockchain sector.
Recognition of Tokenization by Prominent Financial Institutions
In April, Tyrone Lobban, head of JPMorgan’s digital assets platform Onyx, hailed tokenization as a groundbreaking technology for traditional finance. Notably, JPMorgan has previously executed live trades on Polygon, utilizing tokenized versions of the yen and Singapore dollar.
Furthermore, a Bank of America report from April revealed the impressive growth of the tokenized gold market, which had surpassed $1 billion in the previous month.
Top-Tier Financial Institutions and Blockchain Adoption
Taurus highlighted the increasing involvement of leading financial institutions in this space, indicating that these firms are actively developing capabilities to handle tokenized securities. The company also noted that these institutions are seeking a blockchain and token-agnostic infrastructure.
Polygon’s design as a layer-2 blockchain enables faster and more cost-effective transaction processing compared to the primary Ethereum network.
Moreover, Polygon aims to evolve into an “internet of blockchains,” connecting various Ethereum-compatible networks to enhance transaction speeds and reduce costs.
Positive Trend for Blockchain Integration in Traditional Finance
This partnership with Taurus further supports Polygon’s aspirations and signals a promising trend for the integration of blockchain technology within traditional finance.