Swiss Fintech Taurus Expands Digital-Asset Custody and Tokenization Services
Taurus, a Swiss fintech company, has announced the expansion of its digital-asset custody and tokenization services to include support for private blockchains in addition to public ones. This move is in response to the increasing demand from major banks in the United States and Europe. It is predicted that the tokenization of private assets will become a multi-trillion dollar market by 2030.
Taurus will now offer support for permissioned blockchains like Hyperledger Besu and Consensys’ Quorum, catering to both Ethereum Virtual Machine (EVM) and non-EVM private blockchains. This expansion allows Taurus’ global clients to tokenize any type of asset on public and private blockchains using the same platform, promoting interoperability between different chains.
The goal is to prevent asset silos that hinder liquidity by bridging assets between private chains like Hyperledger Besu and Taurus-supported public chains such as Ethereum, Polygon, Cardano, and Tezos. This development addresses the challenges faced by clients who manage multiple use cases across various platforms.
Meeting Regulatory Requirements with Private Blockchains
Many financial institutions opt for permissioned or private blockchains due to regulatory considerations. By using private blockchains, these institutions retain control over the network. Notable examples include projects like the Bank of Thailand and Bank of Brazil’s CBDC initiatives, as well as the Bank for International Settlements-led mCBDC bridge project, which rely on Hyperledger Besu.
Partnership with Deutsche Bank
Last week, Taurus entered into a partnership with Deutsche Bank, Germany’s largest bank with over €1.3 trillion ($1.4 trillion) in assets under management. This collaboration allows Deutsche Bank to offer digital asset custody and tokenization services to its institutional clients.
Deutsche Bank’s Global Head of Securities Services, Paul Maley, highlighted the importance of the digital asset space, stating that it will be a priority for investors and corporations. The partnership with Taurus aligns with Deutsche Bank’s efforts to adapt and support its clients in the growing digital asset market. Earlier this year, Deutsche Bank participated in Taurus’ $65 million Series B funding round and applied for a digital asset license with Germany’s financial regulator BaFin.
Hot Take: Taurus Expands Services to Private Blockchains to Meet Growing Demand
Taurus’ decision to expand its digital-asset custody and tokenization services to include private blockchains demonstrates its commitment to meeting the evolving needs of major banks. By providing support for permissioned blockchains and enabling interoperability between public and private chains, Taurus aims to address the challenges faced by clients managing multiple use cases across different platforms. This expansion follows Taurus’ recent partnership with Deutsche Bank, further solidifying its position in the market. As the demand for digital asset services continues to rise, Taurus is well-positioned to meet the needs of institutional clients seeking secure and efficient solutions.
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