What happened?
Taurus, a financial technology company based in Switzerland, launched the Taurus Network, an interbank digital asset network. This initiative aims to enhance institutional collaboration, collateral mobility, and settlement efficiency for cryptocurrencies, tokenized securities, and central bank digital currencies (CBDCs). The network connects participants of Taurus-PROTECT’s custody platform across over 35 financial institutions in ten countries.
Who does this affect?
The launch of the Taurus Network affects financial institutions, especially those involved with digital assets and cryptocurrencies. Institutions like Arab Bank Switzerland, Capital Union Bank, and more are initial participants, with additional members expected to join by 2025. It impacts organizations looking to engage in enhanced digital asset transactions, collateral management, and streamlined regulatory compliance.
Why does this matter?
The Taurus Network is significant as it addresses growing institutional demand for robust digital asset infrastructure and cross-border settlement solutions. By supporting diverse digital assets and integrating compliance features, it enhances the operational efficiency of participating financial institutions. This development could drive broader market acceptance and integration of digital assets and increase liquidity and innovation in financial markets.