Taurus a digital asset platform, which offers custodytokenization and trading of digital assets, has aligned with the Ethereum scaling network Polygon as the tokenization of real-world assets is picking up steamsamong financial institutions and large companies.
The collaboration with Polygon includes support for staking and decentralized finance(DeFi), the Geneva, Switzerland-based digital asset infrastructure provider said in a Friday email. The firm financed $65 million in fund raising led by Credit Suisse (CS) and Deutsche Bank (DBK) in February.
The representation of an asset as units that can be traded in a digital format is seen as embracing mainstream financial institutions toward the blockchain industry. Tyrone Lobban, head of JPMorgan’s digital assets platform Onyx, in April pointed out to tokenization as the “Killer App” for traditional finance. Last November JPMorgan executed live trades using tokenized versions of the yen and the Singapore dollar on Polygon. And in April, Bank of America published a report saying that the tokenized gold market had surpassed $1 billion the previous month.
“Most Tier 1 financial institutions are entering the space and building capabilities to manage tokenized securities,” Taurus said in the email. “They all want a blockchain-agnostic and token-agnostic infrastructure.”
Being a layer 2 blockchain, Polygon is designed to process transactions at a faster pace of speed with alower cost than the main Ethereum network. Polygon also has ambitions to expand beyond Ethereum to become an “internet of blockchains”, connecting any Ethereum-compatible networks together, while continuing to reducing transaction costs and increase speeds.