In the ever-evolving landscape of digital assets, Taurus, the Swiss digital asset platform, has recently announced its expansion to support “permissioned blockchains” such as Hyperledger Besu and Quorum. This move comes in response to the growing demand from US and European banks for enterprise-grade private blockchains. Taurus aims to provide a comprehensive solution for managing digital assets across different types of blockchains, reducing costs, and mitigating risks for its clients.
Demand for permissioned blockchains in the banking industry
The financial industry has witnessed a significant surge in the adoption of blockchain technology, with banks seeking secure and regulated infrastructure. Permissioned blockchains, in particular, offer the necessary control and privacy that financial institutions require. These custom-made blockchains provide banks with the ability to define access levels and ensure compliance with regulatory requirements. Taurus recognizes the importance of meeting the specific needs of banks and has strategically expanded its offering to support permissioned blockchains.
Taurus’ Solution for Tokenizing Assets on Public and Permissioned Blockchains
With its expanded offering, Taurus now allows clients to tokenize any type of asset on both public and permissioned blockchains through its single unified platform. This capability offers flexibility and convenience for managing digital assets, as clients no longer face the challenge of navigating multiple platforms. By providing a centralized solution for asset management, Taurus streamlines operations and facilitates more efficient processes.
Addressing the challenges of managing multiple use cases
One of the main challenges faced by businesses operating in the digital asset space is managing multiple use cases across different blockchain platforms. Each blockchain may have its own unique requirements, interfaces, and programming languages. Taurus addresses this challenge by integrating various blockchains, including popular permissioned platforms like Hyperledger Besu and Quorum, into its infrastructure. This enables clients to efficiently manage and interact with diverse blockchains, reducing costs and risks associated with fragmentation.
Partnership with Deutsche Bank for custody services
Taurus has recently formed a notable partnership with Deutsche Bank, a prominent global financial institution, to offer custody services to institutional clients. This collaboration signifies Taurus’ commitment to expanding its reach within the banking industry. By providing custody services, Taurus enhances its offering and instills confidence in institutional clients, who now have a trusted and reliable solution for securely storing their digital assets.
Taurus’ focus on catering to bank-specific needs
The expansion into permissioned blockchains positions Taurus as a leading provider that understands the intricate requirements of banks. Custom-made permissioned blockchains can be challenging to maintain, often requiring substantial resources and expertise. Taurus, however, aims to address these complexities by leveraging its technological capabilities and industry experience. By offering support for permissioned blockchains like Hyperledger Besu and Quorum, Taurus ensures that banks have access to a robust and reliable infrastructure for their digital asset management needs.
As the digital asset landscape continues to evolve, Taurus stands at the forefront, expanding its offerings to accommodate the growing need for permissioned blockchains in the banking industry. The demand for secure and regulated infrastructure drives the adoption of enterprise-grade private blockchains in financial institutions. Taurus’ comprehensive solution enables clients to tokenize assets on both public and permissioned blockchains, providing flexibility and convenience in asset management. With its strategic partnerships and focus on meeting the specific needs of banks, Taurus is well-positioned to shape the future of digital asset management and drive innovation within the financial industry.