Swiss tokenization and digital asset custody company now supports Polygon network L2 Polygon. A support appreciated by its customers, justifies Tauruswhose platform is also compatible with Ethereum, Tezos and Cardano.
And that’s four for Taurus. Its crypto infrastructure has so far been compatible with three blockchain networks (Ethereum, Tezos and Cardano). The Swiss company made support a fourth blockchain, namely Polygon.
This technical development means that Polygon can now be used by its customers, including major institutions in the traditional financial sector (Crédit Suisse, Deutsche Bank…), for their asset tokenization operations, both securities and debt.
Polygon in high demand among major banks
Taurus justifies the choice of Polygon by the strong demand expressed by its customers, particularly large banks. Polygon’s strengths are now well established in the market, including low fees.
With its latest round of financing ($65 million last February), Taurus has further strengthened its ties with the French banking industry. TradFi. Series B was led by Crédit Suisse. Other financial institutions taking part included Deutsche Bank, Pictet, Arab Bank Switzerland and the Investis real estate group.
Thanks to this capital, the Swiss startup had international ambitions. The start-up plans to develop its digital asset management platform for global banking players.
Taurus already has 25 financial institutions and corporate customers. Its target market is well identified and expected to grow strongly over the next few years. The start-up estimates the private asset digitization or tokenization segment at $10 billion.
Tokenization, the killer app for TradFi
The big names in finance have already taken steps to capture this growth potential. Last year, for example, JPMorgan carried out transactions via tokenized versions of the yen and Singapore dollar on Polygon.
In a report published in April, Bank of America estimated the size of the tokenized gold market at one billion dollars. According to JPMorgan, tokenization represents nothing less than the “killer app” for traditional finance.
Transforming the industry via blockchain will take time. Nevertheless, consulting firm Boston Consulting Group is very optimistic about the market’s potential.
Tokenization of illiquid assets could reach $16,000 billion by 2030. Polygon has a place to take in this sector.
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