Credit Suisse, Deutsche Bank-Backed Taurus Deploys on Polygon Blockchain

Taurus, which offers custody, tokenization and trading of integer assets, has linked with the Ethereum scaling web Polygon arsenic the tokenization of real-world assets gains traction among fiscal institutions and ample companies.

The link-up with Polygon includes enactment for staking and decentralized finance (DeFi), the Geneva, Switzerland-based integer plus infrastructure supplier said successful a Friday email. The steadfast raised $65 cardinal successful funding successful a circular led by Credit Suisse (CS) and Deutsche Bank (DBK) successful February.

Tokenization – the practice of an plus arsenic units that tin beryllium traded successful a integer format – is seen arsenic attracting mainstream fiscal institutions toward the blockchain industry. Tyrone Lobban, caput of JPMorgan's integer assets level Onyx, successful April referred to tokenization arsenic the "killer app" for accepted finance. Last November JPMorgan executed unrecorded trades utilizing tokenized versions of the yen and the Singapore dollar connected Polygon. And successful April, Bank of America published a study saying that the tokenized golden market had surpassed $1 cardinal the erstwhile month.

"Most Tier 1 fiscal institutions are entering the abstraction and gathering capabilities to negociate tokenized securities," Taurus said successful the email. "They each privation a blockchain-agnostic and token-agnostic infrastructure."

As a furniture 2 blockchain, Polygon is designed to process transactions astatine a greater velocity and little outgo than the main Ethereum network. Polygon besides has aspirations to grow beyond Ethereum to go an "internet of blockchains", connecting immoderate Ethereum-compatible networks together, portion continuing to trim transaction costs and summation speeds.