Swiss Cryptocurrency Fintech Taurus has launched an interbank network developed for regulated institutions involved in digital asset operations.
On April 9, Taurus said in an announcement shared with Cointelegraph that it launched Taurus-Network (TN), an interbank network designed to simplify and improve digital asset transactions between regulated financial institutions worldwide.
The network aims to improve collateral mobility, optimizing the speed of resistance and reducing the risk of counterparts as capital and liquidity management benefit digital properties.
Among the major benefits of the network are the ability for participants to maintain full sovereignty over property, direct contact with counterparts and automatic compliance without third-party intervention, the head of Taurus’s product infrastructure, Vassili Lavrov, told Cointelegraph.
Multiple banks involved
Taurus-Network launches with participation from several banks around the world, including Arab Bank Switzerland, Capital Union Bank, Flowdesk, ISP Group, Mission Bank and Swissquote.
According to Lavrov, all of those banks have taken significant steps to integrate the capabilities of digital assets within their operations, including most of them who have offered the care of cryptocurrencies to their clients.
“By developing Taurus’s relationships with more than 35 banking clients throughout four continents, the network has been positioned to be the default infrastructure layer for the following, highly confident digital asset activity,” he said.
A blockchain-bagagnostic network
As Taurus expects to tap the major global regulated financial institutions for its network, the firm ensures that interoperability is among its major strengths.
Taurus-network is blockchain-bagagnostic and supports both public and permitted distributed ledger technologies, Lavrov said, added:
“It is an engineer to enable seamless contact with different types of digital assets, whether cryptocurrencies, tokenized securities, or digital currency.”
He added that the network was designed to interact with the whole public and permitted blockchains, so institutions “are not locked in a system.”
This is a story development, and further information will be added as it is available.
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