Taurus introduces a digital asset network for banks
Taurus-NETWORK, a digital asset custody technology provider, offers a unique full-stack infrastructure approach that sets it apart from other solutions like Fireblocks and Zodia Custody. This innovative platform goes beyond secure digital asset custody, providing features for issuance, custody, trading, and tokenized asset interoperability with external data via Chainlink's oracle services [1].
Taurus-NETWORK leverages Chainlink’s platform to enhance security, bring high-quality offchain data, and enable cross-chain interoperability via Chainlink CCIP, which facilitates liquidity and seamless asset mobility across different blockchains.
In contrast, Fireblocks and Zodia Custody primarily specialize in secure digital asset custody and operational tools. Fireblocks focuses on secure custody, transfer, and settlement infrastructure with multi-party computation (MPC) technology, while Zodia Custody offers regulated institutional-grade custody solutions emphasizing compliance, security, and operational efficiency.
However, Taurus-NETWORK stands out with its full-stack platform, which covers issuance, custody, and trading of tokenized assets, its integration with Chainlink oracles for enriched data feeds and Proof of Reserve, and its cross-chain interoperability via Chainlink CCIP. These features aim to facilitate faster market entry and enhanced asset utility via blockchain interoperability [1].
Taurus-NETWORK is designed to remove the network operator counterparty risk, with risk solely to network participants and no exposure to Taurus. Early participants in the Taurus-NETWORK include Arab Bank Switzerland, Capital Union Bank, Flowdesk, ISP Group, Misyon Bank, and Swissquote. Network participants can pledge collateral in exchange for funds and participate in syndicated loans.
Taurus-NETWORK is referred to as an interbank network due to its banking clients, which include the world's second largest global custodian, State Street. Banking investors in Taurus include Credit Suisse, Deutsche Bank, Arab Bank Switzerland, and Pictet Group. Taurus has 35 banking clients, including CACEIS and Santander.
One of the latest developments by Taurus is the introduction of a private tokenization standard on permissionless blockchains in February. This private tokenization standard allows network participants to retain control of their assets and never rely on Taurus to enter or unwind transactions.
Taurus-NETWORK aims to improve liquidity and capital management, particularly with its collateral management solution. It also creates an ecosystem covering public and permissioned DLTs, as well as all types of assets whether cryptocurrencies, tokenised securities, and digital currencies.
In summary, Taurus-NETWORK offers a comprehensive solution for digital asset collaboration and custody, setting it apart from other solutions in the market with its full-stack platform, integration with Chainlink oracles, cross-chain interoperability, and focus on institutional tokenized asset adoption.
[1] Source: Taurus' official website and press releases.
- Taurus-NETWORK utilizes Chainlink's platform to boost security, supply high-quality offchain data, and enable cross-chain interoperability, setting it distinctly apart from competitors like Fireblocks and Zodia Custody.
- Taurus-NETWORK's full-stack platform supports issuance, custody, and trading of tokenized assets, whereas Fireblocks and Zodia Custody primarily focus on secure digital asset custody and operational tools.
- Taurus-NETWORK's integration with Chainlink oracles offers enriched data feeds and Proof of Reserve, facilitating faster market entry and enhanced asset utility via blockchain interoperability.
- Network participants in Taurus-NETWORK can pledge collateral in exchange for funds and engage in syndicated loans, positioning it as an interbank network with banking clients such as State Street, Credit Suisse, Deutsche Bank, and Arab Bank Switzerland.
- To improve liquidity and capital management, Taurus-NETWORK has introduced a private tokenization standard on permissionless blockchains, allowing participants to retain control of their assets while creating an ecosystem that spans public and permissioned DLTs as well as various asset types, including cryptocurrencies, tokenized securities, and digital currencies.
