Credit Suisse indirectly lands on Polygon

Blockchain

Taurus, a company funded in part by the now bankrupt Credit Suisse, announces the integration of Polygon for the tokenization of real assets.

In February it raised $65 million through a funding round led by Credit Suisse, in which Deutsche Bank, CACEIS, Pictet Group and Arab Bank Switzerland also participated.

The integration of Polygon on its platform was recently announced.

Taurus, funded by Credit Suisse, announces support for the Polygon network

Taurus calls itself the number one digital asset platform for banks.

Taurus AG is a FINMA-regulated Swiss company engaged in tokenization and custody of digital assets.

It is therefore an internal player in the traditional banking sector, also serving systemic banks, universal banks, online banks, crypto banks, private banks, and broker-dealers, with a market share of more than 60 % in Switzerland in its specific sector.

Its goal is to ride the wave of digitization of private assets, estimated as a trillion-dollar opportunity with the possibility of reaching ten trillion.

It was founded in 2018, and already provides an enterprise-grade infrastructure to issue, store, and trade any digital asset, including cryptocurrencies, tokenized assets, NFTs, and digital currencies. The company also operates a regulated marketplace for private assets and tokenized securities, called TDX™.

Credit Suisse is not only a major funder of Taurus, but also one of the users of its services

The tokenization of real assets

Asset tokenization has been an ongoing phenomenon for some time now, although only recently has the regulatory framework related to tokenized assets become clearer, with Europe leading the way.

As a matter of fact, before the EU, it was Switzerland that had clear regulations in this regard several years ago, with the EU only this year closing the gap.

Now banks estimate that 5% or even 10% of assets will be tokenized by 2030, so much so that the tokenization market is estimated to be a nearly $20 trillion opportunity.

In fact, most financial institutions are already entering this sector trying to develop capabilities to manage tokenized assets.

Polygon, Taurus and Credit Suisse

However, if it were only the Ethereum network that provided the basis for tokenization, the cost of transactions would rise, effectively making it too expensive to trade tokens.

The solution is to use other chains, or second layers of Ethereum, such as precisely Polygon.

Polygon is the most widely used second layer for Ethereum, and it enables low-cost on-chain transactions.

It is no coincidence that Taurus has decided to integrate Polygon Blockchain on its platform, thus enabling banks and brands to issue and hold any tokenized asset on this chain, in a fully automated way.

In fact, Taurus has announced true full integration with Ethereum’s main scalability network, including its native MATIC token and smart contracts based on Polygon.

The fact is that most financial institutions want an infrastructure for tokenization independent of blockchain and tokens, and that is what Taurus is aiming for.

The comments

Polygon Labs’ Global Head of Institutional Capital, Colin Butler, said:

“The tokenization of real-world assets is a no-brainer at the root of the idea. The challenge is and always has been to build sufficiently advanced infrastructure to enable it.

I’m thrilled to be working alongside Taurus as they build this necessary infrastructure out and create the foundation for robust opportunities in the tokenization space. This relationship will only further what we’ve seen so far, proving that the Polygon Network is a natural fit for building the rails of a tokenized future.”

Taurus CMO and Head of Strategic Partnerships Victor Busson added:

“Building on Polygon, one of the leading blockchain ecosystems, is a natural step for Taurus. Our banking, consumer goods and sports & entertainment clients can now benefit from low fees and faster transactions for any tokenization use cases: equity, debt, structured products, funds, NFTs.”