Taurus Unveils Revolutionary Interbank Network for Digital Assets
Introducing the innovative Taurus-Network (TN), a next-generation platform that revolutionizes how regulated financial institutions manage transactions and assets. By leveraging partnerships with prestigious global banks such as Deutsche Bank and State Street, the Taurus-Network creates a secure, efficient ecosystem for electronic interactions among financial entities.
Enhancing Transaction Efficiency and Reducing Risks
The Taurus-Network is designed to streamline banking operations, making transactions quicker and minimizing counterparty risks. Vassili Lavrov, the head of product infrastructure, emphasizes the importance of autonomy within the network:
“Network participants retain control of their assets and never rely on Taurus to enter or unwind transactions.”
With an ecosystem that encompasses both public and permissioned Distributed Ledger Technologies (DLTs), Taurus-Network supports various asset types, including:
- Cryptocurrencies
- Tokenized securities
- Digital currencies
Early Participants and Future Growth
Notable institutions such as Arab Bank Switzerland, Capital Union Bank, and Flowdesk are among the early adopters of the Taurus-Network. The platform anticipates additional major financial institutions to join by the first semester of 2025.
Advanced Collateral Management Features
As part of the TN collateral management platform, participants can:
- Pledge funds or assets for immediate credit to other network members.
- Utilize their balance sheets to participate in syndicated loans.
- Engage in ‘off-exchange trading’ processes that maintain control over funding and risk limits.
These features are supported by the Taurus-Protect custody system, ensuring that assets remain secure throughout transactions.
Compliance and Operational Efficiency
Taurus-Network is built with compliance in mind, integrating travel rule adherence and proof of reserves directly into the system. This design significantly reduces the manual compliance burden, eliminating tedious processes like:
- Proof of ownership controls
- Satoshi tests
The network streamlines transaction management, decreasing operational burdens by over 90% and providing participants with automatic proof of identity and digital asset addresses.
Industry Impact and Future Prospects
Rani Jabban, Managing Director and ExCo member at Arab Bank Switzerland, highlights the significance of joining the Taurus-Network:
“Joining Taurus-Network empowers us to securely collaborate with other leading financial institutions while retaining full control over our operations.”
In 2023, Taurus secured $65 million in funding, led by Credit Suisse and supported by major players like Pictet Group, ensuring a robust foundation for future growth.
For more information on the Taurus-Network and its transformative approach, visit their official website at Taurus.
