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

The Swiss firm aims to allow financial institutions and corporates to issue tokenized assets on the Ethereum layer 2 network.

AccessTimeIconJun 2, 2023 at 1:00 p.m. UTC

Taurus, which offers custody, tokenization and trading of digital assets, has linked with the Ethereum scaling network Polygon as the tokenization of real-world assets gains traction among financial institutions and large companies.

The link-up with Polygon includes support for staking and decentralized finance (DeFi), the Geneva, Switzerland-based digital asset infrastructure provider said in a Friday email. The firm raised $65 million in funding in a round led by Credit Suisse (CS) and Deutsche Bank (DBK) in February.

Tokenization – the representation of an asset as units that can be traded in a digital format – is seen as attracting mainstream financial institutions toward the blockchain industry. Tyrone Lobban, head of JPMorgan's digital assets platform Onyx, in April referred to tokenization as the "killer app" for traditional finance. Last November JPMorgan executed live trades using tokenized versions of the yen and the Singapore dollar on Polygon. And in April, Bank of America published a report saying that the tokenized gold market had surpassed $1 billion the previous month.

"Most Tier 1 financial institutions are entering the space and building capabilities to manage tokenized securities," Taurus said in the email. "They all want a blockchain-agnostic and token-agnostic infrastructure."

As a layer 2 blockchain, Polygon is designed to process transactions at a greater speed and lower cost than the main Ethereum network. Polygon also has aspirations to expand beyond Ethereum to become an "internet of blockchains", connecting any Ethereum-compatible networks together, while continuing to reduce transaction costs and increase speeds.

Edited by Sheldon Reback.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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