Digital asset infrastructure provider Taurus is making waves in the European market after its full integration with the Polygon blockchain. The company, which raised $65 million in a recent funding round, now allows its clients to automatically issue digital securities. Boasting over 25 clients across nine countries, Taurus has caught the attention of renowned banking institutions like Arab Bank Switzerland, CACEIS Bank, Crédit Agricole, Credit Suisse, Deutsche Bank, Pictet, Swissquote, and Vontobel.
It’s no surprise that tokenizing assets such as debt, funds, and structured products is becoming increasingly popular and that Taurus chose Polygon as a “natural choice to benefit from the Ethereum network.” According to Colin Butler, global head of institutional capital at Polygon Labs, the main challenge has always been creating “sufficiently advanced infrastructure to enable it.”
Tokenization involves the conversion of tangible or intangible assets into digital tokens. This innovative process can be applied to tangible assets like real estate, stocks, or art, or intangible assets such as loyalty points and voting rights. As a result, asset tokenization is becoming a leading trend in the blend between traditional finance and Web3 solutions across Europe.
The UK’s central bank is exploring how tokenized assets will interact with various forms of money. Deputy Governor Sir Jon Cunliffe predicts that tokenized transactions might soon be synchronized with the British central bank’s real-time payment system. Meanwhile, Germany is also witnessing banks slowly embracing crypto solutions, mostly through tokenization-related products and services for institutional investors.
Following its successful funding round, Taurus plans to focus on three primary areas for growth strategy: recruiting engineering talent, security and compliance, and expanding sales in Europe, the United Arab Emirates, Americas, and Southeast Asia.
In conclusion, as the tokenization of real-world assets becomes more widespread, it’s crucial to ensure that the necessary infrastructure is in place to support the process. With digital infrastructure providers like Taurus raising millions in funding and prominent banks showing interest in the concept, it’s clear that asset tokenization and its potential benefits are being taken seriously in the financial world. However, it’s essential not to overlook the challenges and potential downsides of implementing such technologies, which will no doubt be a topic of continued discussion and analysis among interested parties.
Source: Cointelegraph
