The partnership will see banks across the globe seamlessly integrate cryptocurrencies across their financial products
Swiss banking software giant Temenos AG has selected blockchain fintech firm Taurus SA as its partner on a project that should see the latter help over 3000 banks access and integrate digital assets. Currently, one out of every two banks in Switzerland runs Taurus’ blockchain technology.
Through the Temenos MarketPlace, banking clients will use Taurus’ blockchain technology to “bridge the gap between traditional investments and digital assets,” said Alexandre Duret, Product Director at Temenos. The partnership will therefore see banks effortlessly manage any assets on the blockchain, including traditional securities and cash.
“…We are pleased to collaborate with Temenos, the world-leading banking software, and be able to make available our technology to Temenos’ client base of more than 3,000 banks and financial institutions worldwide,” said Sébastien Dessimoz, Managing Partner at Taurus.
According to Duret, there are numerous opportunities within the digital asset space for banks and wealth managers, including using cryptocurrencies to diversify portfolios. However, there is more that banks can benefit from in the broader blockchain sector.
One of these is tokenised securities, which the banker points out is an area with “the potential to transform the value chain with simpler issuance procedures, greater liquidity and real-time settlement.”
Taurus was recently awarded a license to operate as a securities firm by the Swiss Financial Market Supervisory Authority (FINMA), allowing the fintech company to offer its technological solutions as an independently regulated provider.
As noted in the press release, Monday 17 May, Taurus’ products include crypto-focused offerings in staking, decentralised finance (DeFi), tokenised assets, and digital currencies. Specific products banks will have access to are Taurus-CAPITAL for tokenisation, Taurus-PROTECT for crypto custody and Taurus-EXPLORER for blockchain interoperability.
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The post Switzerland’s Temenos Taps Fintech Firm Taurus to Bring Crypto To Banks appeared first on Coin Journal.
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