By James Davis
- Taurus declares full deployment on the Ethereum scaling platform Polygon.
- The move will allow issuers, brands, and banks to book and issue tokenized assets via Polygon.
- Asset tokenization continues to draw financial institutions to blockchain technology.
Taurus is a European-certified blockchain infrastructure provider for financial institutions. On Friday, the firm declared integration with Polygon, a leading Ethereum (ETH) scaling platform. The deal will involve the native coin MATIC and Polygon’s smart contracts across the former’s custody and tokenization network.
Also see: Free Top 10 Crypto Widget
Taurus, a swiss crypto platform for tokenizing assets, announces its integration with polygon. Partnership creates another link between crypto industry and european banking segment. Taurus aims to reimagine old-school financial instruments
@stedman_amarii
Taurus is a leading company in the European banking sector. Various institutions in the financial world, including online banks, private banks, brokerage dealers, universal banks, and systemic banks, trust the firm. Taurus believes digitizing private assets is a trillion-dollar opportunity that will see the crypto sector hitting the $10 trillion mark.
The company’s Friday report revealed that the Polygon integration would include support for decentralized finance (DeFi) and staking. Remember, the company raised around $65M in February, with Deutsche Bank and Credit Suisse leading the funding round.
Asset Tokenization Attracts Financial Institutions
Asset tokenization means representing real-world assets as tradeable digital units on a blockchain. Meanwhile, it has seen conventional financial institutions joining the blockchain sector. JPMorgan’s Tyrone commented on tokenization in April, calling it a killer application for traditional finance.
In November 2022, JPMorgan used tokenized Singapore dollars and yen to execute live trades on Polygon. Furthermore, Bank of America’s April report suggested that tokenized gold market cap exceeded $1B the prior month. The latest updates show JPMorgan is deep into asset tokenization.
JPMorgan, a major Wall Street investment bank, is pressing ahead with its plans to tokenize traditional financial assets. It has already processed close to $700 billion in short-term loans on its digital asset and tokenization platform Onyx.
@_Securelife
Taurus highlighted that many tier-one financial institutions are joining the industry and creating functionalities to manage tokenized securities. These institutions need a “token-agnostic and a blockchain-agnostic infrastructure,” it added.
Polygon’s Potential
As an Ethereum layer2 network, Polygon processes transactions at a cheaper cost and quicker than the primary Ether blockchain. Moreover, Polygon plans to stretch beyond the Ethereum platform, transforming into an internet of blockchain. That would mean connecting any ETH-compatible platform while focusing on increased transaction speed and reduced costs.
MATIC Price Outlook
Polygon uses MATIC as its native token. The alternative coin changed hands at $0.9008 during this writing, surging 0.71% within the last 24 hours (CoinMarketCap). Meanwhile, the slight gain corresponds to the overall crypto market bias.
Leading cryptos recorded minor upsurges over the past day as Bitcoin gained 0.56% to trade at $27,062. Nevertheless, updates of Taurus deploying on Polygon are positive and may trigger upside momentum for MATIC in the coming sessions.
Furthermore, MATIC price recorded an impressive 12% surge in the last seven days. While it encounters challenges to break past the $1 resistance, on-chain signals highlight potential upticks to $2. Nonetheless, optimistic cues such as the current surge in staked MATIC tokens remain essential for the bullish intents.
MATIC enthusiasts can watch for emerging Polygon updates and broad-market developments for upcoming price directions.