Taurus deploys on the Polygon blockchain for asset tokenization and custody

Digital asset infrastructure provider Taurus is stepping up its tokenization efforts in Europe through a full integration with the Polygon blockchain, the company announced on June 2.

The move comes three months after Taurus raised $65 million in a funding round, and will allow its customers to automatically issue digital securities. Taurus claims to have over 25 clients in nine countries, including Arab Bank Switzerland, CACEIS Bank, Crédit Agricole, Credit Suisse, Deutsche Bank, Pictet, Swissquote, Vontobel.

A Taurus spokesperson told Cointelegraph that debt, funds and structured products are among the most popular assets for tokenization, although demand varies depending on local regulations. Choosing Polygon was a “natural choice to take advantage of the Ethereum network,” it continued.

“The tokenization of real-world assets is a simple matter at the root of the idea. The challenge is and always has been to build sufficiently advanced infrastructure to enable it,” Colin Butler, global head of institutional capital at Polygon Labs, said in a statement.

A tokenization process involves converting something tangible or intangible into a digital token. Tokenization of tangible assets such as property, stocks or art is possible. It is also possible to tokenize intangible assets such as loyalty points and voting rights, as previously reported by Cointelegraph.

Asset tokenization is one of the trends driving the blending of traditional finance with Web3 solutions across Europe. Britain’s central bank is exploring ways tokenized assets will interact with bank money, non-bank money and central bank money, according to Deputy Governor Sir Jon Cunliffe in February. It may also be possible in the near future for tokenized transactions to be synchronized with the Bank of England’s real-time payments system, Cunliffe said. In Germany, banks are slowly embracing crypto solutions, mostly through tokenization-related products and services for institutional investors.

Taurus secured a $65 million Series B fund led by Credit Suisse in February, along with several other institutional investors, including Deutsche Bank, Pictet Group, Cedar Mundi Ventures, Arab Bank Switzerland and Investis.

At the time, the company said the capital would be used for growth strategy in three main areas: recruiting engineering talent, security and compliance, as well as expanding sales in Europe, the United Arab Emirates, the Americas and Southeast Asia.

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