Taurus deploys on Polygon blockchain for tokenization and asset custody

Digital asset infrastructure provider Taurus is ramping up its tokenization efforts in Europe through 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 that will enable its clients to automatically issue digital securities. Taurus claims to have more than 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, though 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 good idea at the root of the idea. The challenge is and always has been to build enough sophisticated infrastructure to make this happen,” Colin Butler, global head of institutional capital at Polygon Labs, said in a statement.

In a tokenization process, something tangible or intangible is converted into a digital token. Tokenizing tangible assets such as real estate, 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.

Enabling banks and brands to issue and hold tokenized assets using @0xpolygon@taurus_hqthe European leader in digital asset infrastructure, is now fully integrated and automated #onPolygon

More: pic.twitter.com/urFCzXN8eg

— Polygon (Labs) (@0xPolygonLabs) June 2, 2023

Asset tokenization is one of the trends driving the fusion of traditional finance with Web3 solutions across Europe. The UK’s central bank is exploring ways in which tokenized assets interact with bank money, non-bank money and central bank money, Deputy Governor Sir Jon Cunliffe said in February. It could also be possible in the near future for tokenized transactions to be synchronized with the UK central bank’s real-time payment 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 technical talent, security and compliance, as well as expanding sales in Europe, the United Arab Emirates, the Americas and Southeast Asia.

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