Through the partnership, banks around the world will seamlessly integrate cryptocurrencies into their financial products
The Swiss banking software giant Temenos AG has selected the blockchain fintech company Taurus SA as a partner for a project that will allow over 3000 banks to access and integrate digital assets. Every second bank in Switzerland currently operates Taurus blockchain technology.
Bank customers can use Taurus blockchain technology via the Temenos MarketPlace “Bridge the gap between traditional investments and digital assets” said Alexandre Duret, Product Director at Temenos. As part of the partnership, banks will therefore effortlessly manage all assets on the blockchain, including traditional securities and cash.
“… We are pleased to work with Temenos, the world’s leading banking software, and to make our technology available to Temenos’ customer 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 for banks and wealth managers in the digital asset space, including using cryptocurrencies to diversify portfolios. However, there are more that banks in the broader blockchain sector can benefit from.
One of these is tokenized securities that the banker indicates that it is an area “The potential to transform the value chain through simpler issuance processes, greater liquidity and real-time settlement.”
Taurus was recently granted a license to operate as an investment firm by the Swiss Financial Market Supervisory Authority (FINMA), which enables the fintech company to offer its technological solutions as an independently regulated provider.
As mentioned in the press release dated Monday May 17th, Taurus products include crypto-focused equity, decentralized finance (DeFi), token asset and digital currency offerings. Certain products that banks have access to are Taurus-CAPITAL for tokenization, Taurus-PROTECT for crypto custody and Taurus-EXPLORER for blockchain interoperability.