Digital asset infrastructure provider Taurus is stepping up its cryptocurrency efforts in Europe with full integration with the Polygon blockchain, the company announced June 2.
The deal comes three months after Taurus raised $65 million in a funding round, and will allow its clients to automatically issue digital securities. Taurus claims to have more than 25 clients in nine countries, including Swiss Arab Bank, CACEIS Bank, Crédit Agricole, Credit Suisse, Deutsche Bank, Pictet, Swissquote, and Vontobel.
A Taurus spokesperson told Cointelegraph that Debt, money, and structured products are among the most common assets to tokenize, though the demand varies based on local regulations. Choosing Polygon was “a natural choice to take advantage of the Ethereum network,” he continued.
“Tokenizing real-world assets is a no-brainer at the root of the idea. The challenge is always building an infrastructure that’s advanced enough to enable it,” Colin Butler, Global Head of Corporate Capital at Polygon Labs, said in a statement.
The encoding process consists of representing something tangible or intangible in a digital code. It is possible to mark up physical assets such as real estate, stocks, or works of art. It is also possible to tokenize intangible assets such as loyalty points and voting rights, such as We have already covered it earlier in this note.
Asset tokenization is one of the trends driving the mix of traditional finance with Web3 solutions across Europe. The bank’s deputy governor, Sir John Cunliffe, said in February that the British central bank is looking at how tokenized assets interact with bank money, non-bank money, and central bank money.. It is also possible, Cunliffe said, that token transactions could be synchronized with the Bank of England’s instant payment system in the near future. In Germany , Banks are slowly adopting crypto solutionsprimarily through token-related products and services for institutional investors.
Taurus secured a $65 million Series B funding in February led by Credit Suisse, joined by 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 a growth strategy in three key areas: hiring engineering talent, security and regulatory compliance, as well as expanding sales in Europe, the UAE, America and Southeast Asia.
Explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here is not to be taken as financial advice or an investment recommendation. All investment and business moves involve risks and it is the responsibility of each person to conduct the necessary research before making an investment decision.
Read on:
Investing in crypto assets is not regulated. It may not be suitable for individual investors and the entire amount invested may be lost. The offered services or products are not directed at or available to investors in Spain.
“Creator. Devoted pop culture specialist. Certified web fanatic. Unapologetic coffee lover.”