Swiss blockchain startup Taurus has successfully gathered 35 banks to unveil its interbank network focused on digital assets.
The network capitalizes on Taurus’ established partnerships with major global banks and market makers—including Deutsche Bank and State Street—creating a platform where regulated financial institutions can manage their assets autonomously while facilitating direct electronic interactions among themselves.
Designed to accelerate transaction speeds, minimize counterparty risk, and enhance collateral management, the network is poised to transform banking operations. Vassili Lavrov, head of product infrastructure, emphasized that participants maintain full control over their assets and do not depend on Taurus for transaction initiation or winding down. The Taurus-Network (TN) encompasses both public and permissioned distributed ledger technologies (DLT), accommodating various asset types, including cryptocurrencies, tokenized securities, and digital currencies.
Early adopters of this network include Arab Bank Switzerland, Capital Union Bank, Flowdesk, ISP Group, Misyon Bank, and Swissquote, with additional prominent financial institutions expected to onboard by the first half of 2025.
As part of the TN collateral management platform, network participants can pledge funds or assets for immediate credit access among members. Banks are empowered to leverage their balance sheets to engage in syndicated loans initiated by fellow network participants, secured by the TN collateral management system. Furthermore, exchanges can implement ‘off-exchange trading’ functionalities with chosen counterparties and risk parameters without needing to move funds out of the Taurus-Protect custody framework.
The network is inherently designed for compliance with travel rules and proof of reserves, effectively eliminating manual compliance tasks such as ownership verification and labor-intensive controls, which are now automated and cryptographically integrated into the system.
Taurus claims that the network can reduce over 90% of the operational burdens associated with transaction management, including identity verification and whitelisting processes. Participants receive irrevocable proof of identity alongside securely managed exchange and digital asset addresses.
Rani Jabban, managing director and Executive Committee member at Arab Bank Switzerland, remarked, “Joining Taurus-Network enables us to collaborate securely with other leading financial institutions while maintaining complete control over our operations. Taurus-Network establishes a new benchmark for efficiency and trust in the industry, and we are eager to be a part of it.”
In 2023, Taurus raised $65 million in a funding round led by Credit Suisse, which included participation from Deutsche Bank, Pictet Group, Cedar Mundi Ventures, as well as prior investors from their Series A funding, such as Arab Bank Switzerland and Investis.