Today, Taurus, a Swiss company specializing in crypto infrastructure, revealed that it has integrated with the Polygon blockchain network to enhance its tokenization and custody platforms.
Taurus’s recent decision enables their clients, such as Credit Suisse and Deutsche Bank, to utilize Polygon for the tokenization of any asset, be it equity or debt.
Taurus’s tokenization platform now includes support for Polygon, making it the fourth blockchain to join the ranks of Ethereum, Tezos, and Cardano.
According to Victor Busson, the Chief Marketing Officer and Head of Strategic Partnerships at Taurus, there was a significant request from clients, particularly large banks, to include Polygon integration.
Polygon’s key benefits as an Ethereum scaling network include low fees, increased speed and a “user-friendly smart contract development platform and tools,” Busson said.
Many believe that on-chain asset tokenization will be the driving force behind the widespread adoption of cryptocurrency.
According to Boston Consulting Group, tokenizing global illiquid assets could potentially create a business opportunity worth $16 trillion by the year 2030, which is approximately 10% of the entire global GDP. Additionally, a JPMorgan executive recently referred to tokenization as a game-changing application for traditional finance.
Taurus has experienced significant growth in its tokenization business over the past few months. According to Busson, 70% of the company’s clients are currently utilizing its tokenization platform, a significant increase from the 10% reported two years ago.
However, he declined to disclose the total value of assets that have been tokenized through Taurus’s infrastructure.
US banking system issues
According to Arthur Hayes, the founder of BitMEX, US banks are expected to face another setback as businesses seek to surpass low-interest rates.
In a new essay, Hayes predicts that the ongoing trend of people leaving the US banking system will continue to worsen.
Based on data gathered by the Federal Reserve Economic Data (FRED) system, American bank accounts experienced a withdrawal of $30 billion between May 10th and May 17th.