Taurus Launches Solana-Based Custody and Tokenization Platforms for Banks

Leading digital asset infrastructure firm Taurus launches enterprise-grade custody and tokenization platforms on the Solana network.

The platforms, dubbed Taurus-PROTECT and Taurus-CAPITAL, will allow Taurus to cater to traditional financial institutions, particularly banks, aiming to custody and issue tokenized assets. 

With the platforms built on Solana, these users can leverage the network’s efficiency and speed to custody, stake, and issue tokenized assets. 

Users can stake and custody these tokenized assets via Taurus-PROTECT, while those seeking to issue programmable tokenized assets on the Solana blockchain can do so through Taurus-CAPITAL. 
Motive Behind the Launch 
Commenting on the development, Taurus’ head of global strategic partnership, Jürgen Hofbauer, said the launch is part of efforts to address the growing demand for real-world asset (RWA) tokenization solutions. 

According to him, the integration with Solana allows Taurus’ banking clients to tokenize various assets, including debt, equity, structured products, and CBDCs. He emphasized that customers can custody and tokenize these assets while reducing costs and other operational complexities. 

The newly launched platforms are part of the RWA tokenization industry, which has continued to gain traction. This initiative involves converting real-world assets, like real estate, into digital tokens by managing and trading them on a blockchain. 
Taurus’ RWA Tokenization Efforts  
Taurus has been positioning itself as a major digital asset infrastructure provider. Since its launch, it has received financial support from prominent financial institutions, including Deutsche Bank, Credit Suisse, and Investis. 

In a February 2023 Series B funding round, when it raised $65 million from Deutsche Bank and other financial entities, Taurus projected that the digital asset industry could surpass a valuation of $10 trillion. 

It emphasized that the industry could achieve this milestone by tokenizing private assets on the blockchain. As of 2023, Taurus has helped several issuers, including asset managers and banks, to tokenize at least 15 financial deals. 

Not relenting, the company launched its custody and tokenization platforms to allow banks and other issuers to custody and issue real-world assets on Solana. 
Growing Adoption of Solana 
Meanwhile, Solana has been gaining widespread adoption as it gradually becomes a hub for multiple crypto-related projects. 

Yesterday, leading asset manager Franklin Templeton expanded its tokenized money market fund, the OnChain U.S. Government Money Market Fund (FOBXX), to Solana. The move follows Franklin’s efforts to launch a spot Solana ETF in the United States. 

As previously reported, the asset manager registered a Solana Trust in Delaware, with the company expected to file an S-1 document with the SEC in the coming days.