POLY
by BSC News
June 2, 2023
This partnership aims to enhance Taurus' capabilities by incorporating staking and decentralized finance (DeFi) support into its offerings.
Taurus, a leading provider of digital asset infrastructure backed by Credit Suisse and Deutsche Bank, has partnered with Polygon to provide staking and decentralized finance (DeFi) support to its capabilities.
Taurus offers a range of services, including custody, tokenization, and trading of digital assets. Taurus recently secured $65 million in funding through a round led by Credit Suisse and Deutsche Bank in February, highlighting the growing interest from traditional financial institutions in blockchain technology and tokenization.
Tokenization, the process of representing an asset as tradable units in a digital format, is increasingly drawing the attention of mainstream financial institutions.
Taurus emphasized that most Tier 1 financial institutions are entering the tokenization space and seeking a blockchain-agnostic and token-agnostic infrastructure. Additionally, Bank of America published a report last April stating that the tokenized gold market had surpassed $1 billion the previous month.
Polygon aims to evolve into an "internet of blockchains," connecting various Ethereum-compatible networks while continuing to enhance transaction efficiency and speed.
As blockchain technology adoption accelerates, collaborations between established major institutions and Polygon continues. In addition to the recent collaboration Polygon has also partnered with Franklin Templeton, Google Cloud, and Deutsche Telekom in recent months.
Polygon ($MATIC) is trading at $0.9, up 0.4% in 24 hours, according to CoinMarketCap.
Polygon is a “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.
For more about Polygon:
Related News
Latest News
May 7, 2024
Donald Trump Presidency May Propel Bitcoin to New Heights - Standard Chartered
May 7, 2024
Former HKMA Chief Executive’s Firm To Launch Hong Kong Dollar Stablecoin with Chainlink Integration
May 7, 2024
Binance Targeted by Unknown Nigerian Officials for Cryptocurrency Settlement, CEO Claims
May 6, 2024
Could Chinese Mainland Investors Buy Into Spot Bitcoin ETFs Soon?
May 6, 2024
SEC Set to Sue Robinhood Over Crypto Operations: What to Know
May 4, 2024
Weekly Article Recap: 4/29-5/03
May 3, 2024
Nigeria to Ban P2P Crypto Trading: Report
May 3, 2024
Fidelity Reveals Growing Interest in Cryptocurrencies Among Pension Funds
More News