Digital asset infrastructure provider Taurus is stepping up its tokenization efforts in Europe through 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 Arab Bank Switzerland, CACEIS Bank, Crédit Agricole, Credit Suisse, Deutsche Bank, Pictet, Swissquote and Vontobel.
A Taurus spokesperson told Cointelegraph that Debt, funds, and structured products are among the most popular assets for tokenization, although demand varies based on local regulations. Choosing Polygon was a “natural choice to benefit from the Ethereum network,” he continued.
“Tokenization of real-world assets is a no-brainer at the root of the idea. The challenge is, and always has been, building an infrastructure advanced enough to enable it,” Colin Butler, global head of institutional capital at Polygon Labs, said in a statement.
A tokenization process consists of representing something tangible or intangible in a digital token. It is possible to tokenize tangible 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 already covered earlier in this note.
Enabling banks and brands to issue and custody any tokenized asset using @0xpolygon@taurus_hqthe European digital asset infrastructure leader 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 mix of traditional finance with Web3 solutions across Europe. The UK central bank is looking into how tokenized assets interact with bank money, non-bank money and central bank money, its deputy governor, Sir Jon Cunliffe, said in February.. It is also possible that token transactions will be synchronized with the British central bank’s real-time payment system in the near future, Cunliffe said. In Germany, the banks are slowly adopting crypto solutionsprimarily through tokenization-related products and services for institutional investors.
Taurus secured $65 million Series B financing 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 growth strategy in three main areas: recruiting engineering talent, security and regulatory compliance, as well as expanding sales in Europe, the United Arab Emirates, America and Southeast Asia.
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