Credit Suisse indirectly ends up on Polygon

Blockchain

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

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

Polygon’s integration 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 thus an internal player in the traditional banking sector, which also serves 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.

The goal is to ride the wave of private wealth digitization, estimated at a trillion dollar opportunity with the potential to reach ten trillion.

Founded in 2018, it already provides an enterprise-grade infrastructure for issuing, storing and trading digital assets, 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 financier of Taurus, but also one of the users of its services

The tokenization of real assets

Tokenization of assets has been an ongoing phenomenon for some time, although the regulatory framework regarding tokenized assets has only recently become clearer, with Europe leading the way.

In fact, before the EU, it was Switzerland that had clear rules in this area a few years ago, while the EU only closed the gap this year.

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 represent a nearly $20 trillion opportunity.

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

Polygon, Taurus and Credit Suisse

However, if only the Ethereum network were the basis for tokenization, transaction costs would increase, effectively making it too expensive to trade tokens.

The solution is to use other chains or second layers of Ethereum, like exactly Polygon.

Polygon is the most widely used second tier for Ethereum and enables cheap on-chain transactions.

It is no coincidence that Taurus has decided to integrate Polygon Blockchain on its platform, allowing banks and brands to issue and hold all tokenized assets in this chain in a fully automated manner.

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

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

The comments

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

“The tokenization of real world assets is a good idea at the root of the idea. The challenge is and always has been to build sufficiently sophisticated infrastructure to make this possible.

I’m thrilled to be working with Taurus as they build out this necessary infrastructure and lay the foundation for robust opportunities in the tokenization space. This relationship will only add to 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 and entertainment customers can now benefit from low fees and faster transactions for all tokenization use cases: equities, debt, structured products, funds, NFTs.