Swiss-based Taurus and Chainlink partner to drive tokenized asset adoption

Taurus is partnering with Chainlink LINK -8.88% Labs to support the faster adoption of tokenized assets by financial institutions, the two firms announced Wednesday.

Taurus plans to use Chainlink's platform to enhance tokenized assets with real-world data and enable compatibility across various blockchains. This includes adding Chainlink’s data services for market prices, reference information and identity verification. Chainlink’s Proof of Reserve feature will help ensure transparency by verifying that reserves are accurately represented.

Taurus will also integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which was tested earlier this year in a proof of concept involving the bridging of USDC across blockchains. CCIP allows tokenized assets to be transferred across any public or private blockchain.

Chainlink Labs, the main developer behind Chainlink, supports on-chain data and cross-chain interoperability. The platform has facilitated over $15 trillion in transactions, according to the release. Fidelity International and crypto bank Sygnum  partnered with Chainlink earlier this year .