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<p class="is-style-lead">Swiss digital asset service provider, Taurus, has formed an alliance with Ethereum blockchain scaling network, Polygon.</p>



<p>Switzerland-based Taurus, a provider of services including custody, tokenization, and trading of digital assets, has announced a strategic partnership with <a href="https://crypto.news/price/polygon/" data-type="URL" data-id="https://crypto.news/price/polygon/">Polygon</a>, an <a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">Ethereum</a> scaling network. This partnership will enable Taurus to support staking and DeFi services, according to an announcement made by the company.</p>



<p>Earlier this year, Taurus attracted substantial financial support, securing $65 million in funding from a round led by heavyweights <a href="https://crypto.news/bitcoin-rallying-amid-global-economic-turmoil/" data-type="URL" data-id="https://crypto.news/bitcoin-rallying-amid-global-economic-turmoil/">Credit Suisse</a> and Deutsche Bank. This alliance with Polygon underlines the increasing influence of tokenization within the financial sector.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Enabling banks and brands to issue and custody any tokenized asset using <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@0xpolygon</a><a href="https://twitter.com/taurus_hq?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@taurus_hq</a>, the European digital asset infrastructure leader is now fully integrated and automated <a href="https://twitter.com/hashtag/onPolygon?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#onPolygon</a> 😎<br><br>More: <a href="https://t.co/U2tT0azjkG" target="_blank">https://t.co/U2tT0azjkG</a> <a href="https://t.co/urFCzXN8eg" target="_blank">pic.twitter.com/urFCzXN8eg</a></p>&mdash; Polygon (Labs) (@0xPolygonLabs) <a href="https://twitter.com/0xPolygonLabs/status/1664664420046319618?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 2, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p><a href="https://crypto.news/what-is-tokenization-and-how-tokenized-stocks-impact-financial-market/" target="_blank" data-type="URL" data-id="https://crypto.news/what-is-tokenization-and-how-tokenized-stocks-impact-financial-market/" rel="noreferrer noopener">Tokenization</a> involves representing physical assets as digital units that can be traded electronically. This growing trend is drawing significant interest from traditional financial institutions towards the emerging blockchain sector. </p>



<p>For instance, in April, Tyrone Lobban, who heads JPMorgan&#8217;s digital assets platform <a href="https://crypto.news/jpmorgan-blockchain-division-onyx-jpm-coin-live/" data-type="URL" data-id="https://crypto.news/jpmorgan-blockchain-division-onyx-jpm-coin-live/">Onyx</a>, identified tokenization as a groundbreaking technology for traditional finance. Notably, JPMorgan has previously executed live trades on Polygon, using tokenized versions of the yen and Singapore dollar.</p>



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<p>Moreover, a Bank of America report from April indicated the impressive growth of the tokenized gold market, which had exceeded $1 billion in the month prior.</p>



<p>Taurus emphasized the growing involvement of top-tier financial institutions in this space, stating that these firms are actively developing capabilities to handle tokenized <a href="https://crypto.news/crypto-will-be-treated-as-securities-ice-ceo-says/" data-type="URL" data-id="https://crypto.news/crypto-will-be-treated-as-securities-ice-ceo-says/">securities</a>. The company also noted that these institutions are increasingly seeking a blockchain and token-agnostic infrastructure.</p>



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<iframe loading="lazy" title="POLYGON (MATIC) - Ethereum&#039;s Internet Of Blockchains Explained - Layer 2" width="1020" height="574" src="https://www.youtube.com/embed/IijtdpAtOt0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>Polygon&#8217;s design as a layer-2 blockchain positions it to process transactions faster and at a lower cost than the primary Ethereum network. </p>



<p>Further, Polygon harbors ambitions of evolving into an &#8220;internet of blockchains&#8221;, aiming to link any Ethereum-compatible networks while enhancing transaction speeds and reducing costs.</p>



<p>This association with Taurus further bolsters Polygon&#8217;s aspirations and signals a positive trend for the integration of <a href="https://crypto.news/understanding-the-interoperability-principles-of-blockchain-technology/" data-type="URL" data-id="https://crypto.news/understanding-the-interoperability-principles-of-blockchain-technology/">blockchain technology</a> within traditional finance.</p>



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Swiss digital asset infrastructure platform Taurus integrates with Polygon

crypto.news

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