Swiss crypto firm Taurus on Friday announced it had taken its platform to the Polygon blockchain, allowing for the tokenization of digital assets in the network. The integration with Polygon would support staking and decentralized finance (DeFi), according to the announcement.
Taurus’s debut in Polygon once again fastens the ties between European banks and cryptocurrency, as it would allow banks like Credit Suisse and Deutsche Bank access to real-time asset tokenization. Polygon has become the fourth network to allow Taurus’s tokenization platforms after Ethereum, Tezos, and Cardano.
Taurus, a few months ago, raised $65 million from a Seria B funding round to develop its platform. The crypto firm has received backing from some big names in the banking industry, including Credit Suisse, Deutsche Bank, and Cedar Mundi Ventures.
High Demand Preceded Integration
According to Victor Busson, the chief marketing officer and head of strategic partnerships at Taurus, its clients, mostly large banks, placed high demand on integrating the Polygon network. He noted that the cost-effectiveness, increased transaction speed, and user-friendly nature of the Ethereum scaling network prompted the need for its integration.
“Building on Polygon is a natural step for Taurus. Our banking, consumer goods, and sports and entertainment clients can now benefit from low fees and faster transactions for any tokenization use cases: equity, debt, structured products, funds, and NFTs,” Busson stated.
Tokenization: The Next Big Thing?
Tokenization is beginning to gain interest from the big banks and other large institutions. In September, Boston Consultancy Group stated that tokenization is the next big thing, alleging the industry will worth $16 trillion by 2030.
Tokenization implies converting something of real value into a digital token usable in blockchain applications. Once converted, tokens are easier to trade, transfer, and store in the blockchain than in their traditional form.
The future of tokenized assets looks bright, going by the adoption the sector has had in recent times. With Tyrone Lobban, head of JPMorgan’s digital assets platform Onyx describing tokenization as the “killer app of traditional finance,” firms invested in the sector might just be early on the innovation.
