Taurus, based in Geneva, Swiss, partners with Polygon to tokenize physical assets on Ethereum layer 2 networks. This collaboration facilitates the integration of real-world assets into blockchain technology. Taurus, a renowned company for custody and tokenization services, aims to enable businesses and institutions to issue tokenized assets. This capitalizes on the increasing demand for this innovative financial technology.
The collaboration with Polygon broadens the selection of services available to Taurus’ clients by providing thorough support for staking and decentralized finance (DeFi). In a recent successful investment round headed by Credit Suisse and Deutsche Bank in February, Taurus raised $65 million in funding. It demonstrates the confidence and interest of major financial institutions in the potential of tokenized assets.
Real-world assets are transformed into units that can be traded in digital form through the process of tokenization. Traditional financial institutions are interested in this strategy, as it combines conventional banking with blockchain technology effectively. Tyrone Lobban, head of JPMorgan’s Onyx, views tokenization as the “killer app” for traditional finance. He highlights its revolutionary potential in the industry.
Several major financial institutions, like JPMorgan and Bank of America, have already started investigating the advantages of tokenization. Bank of America announced a $1 billion tokenized golf market in April. JPMorgan conducted live trades on Polygon using tokenized currencies. Taurus highlighted the need for blockchain-agnostic and token-agnostic infrastructure. Tier 1 financial institutions are joining the tokenization field and building asset management capabilities.
Advancements in Tokenization with the Taurus-Polygon Partnership
As a layer 2 blockchain solution, Polygon provides cheaper transaction processing than the main Ethereum network. The goal of Polygon, which intends to connect numerous Ethereum-compatible networks, is to create an “internet of blockchains” with goals that go beyond Ethereum. The extension aims to enhance scalability and interoperability in the blockchain ecosystem, reducing transaction costs and improving transaction times.
An important step forward in the implementation of tokenization and blockchain technology is the partnership between Taurus and Polygon. Taurus and Polygon aim to provide a secure and fast platform for asset tokenization, fostering innovation and financial growth for institutions and businesses. The collaboration sets the stage for further advancements in merging traditional finance with the blockchain industry. It propels the momentum of real-world asset tokenization.
Swiss and Bitcoin
News reports indicate that over 250 stores in the charming Swiss city of Lugano now offer a tempting 10% payback on purchases made with Bitcoin. This initiative aligns with Swiss’s reputation as a crypto-friendly nation and showcases Lugano’s commitment to embracing digital currencies as a viable means of payment.
JUST IN: 🇨🇭 Over 250 shops in Switzerland’s City of Lugano now offering 10% cashback on purchases made with #bitcoin 🙌 pic.twitter.com/njJFzHql7c
— Bitcoin Magazine (@BitcoinMagazine) June 2, 2023
Customers now have the option to experience major benefits and rewards of their cryptocurrency purchases thanks to the integration of Bitcoin into the Lugano retail scene. The action promotes the use of Bitcoin for regular purchases, reflecting the city’s progressive attitude. It also showcases support for cutting-edge financial solutions.
