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- Taurus, a Swiss firm, has collaborated with Polygon, an Ethereum scaling network, to facilitate the tokenization of assets, signifying increased interest from financial institutions and corporates in blockchain technology.
- Polygon, as a Layer 2 blockchain, offers quicker transaction processing and lower costs than the primary Ethereum network, supporting Taurus in its endeavour to provide a blockchain-agnostic and token-agnostic infrastructure.
Swiss firm Taurus, a platform for the custody, tokenization, and trading of digital assets, has announced a strategic alliance with Ethereum scaling network Polygon. The collaboration signifies a growing trend among financial institutions and large companies to tokenize real-world assets.
Tokenization is the process of representing a tangible or intangible asset as digital tokens on a blockchain. Each token acts as a secure, tradeable unit of the asset, thereby bringing traditional financial institutions into the realm of blockchain technology. In fact, JPMorgan’s head of digital assets platform Onyx, Tyrone Lobban, referred to tokenization as the “killer app” for traditional finance back in April.
The integration of Taurus and Polygon, which raised $65 million in a funding round led by Credit Suisse and Deutsche Bank earlier this year, is not limited to tokenization alone. It extends to decentralized finance (DeFi) and staking, providing a comprehensive digital asset solution for their clients. Staking refers to the act of participating in a proof-of-stake (PoS) blockchain network by holding and validating transactions for rewards.
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Taurus, in a recent statement, shared its vision for a “blockchain-agnostic and token-agnostic infrastructure,” further highlighting the growing demand for blockchain solutions among Tier 1 financial institutions. This trend is also evident in recent activities of global banks; JPMorgan executed live trades with tokenized versions of the yen and Singapore dollar on Polygon, while Bank of America reported that the tokenized gold market exceeded $1 billion last month.
As a Layer 2 blockchain, Polygon offers significant advantages over the main Ethereum network, including enhanced speed and reduced transaction costs. Polygon’s ultimate goal extends beyond Ethereum; it aims to become an “internet of blockchains,” connecting all Ethereum-compatible networks together. This development marks a significant step towards realizing this ambition, as Taurus leverages Polygon to expand the potential of tokenization, laying the groundwork for the future of finance.
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