A Swiss startup backed by Germany’s Deutsche Bank (NASDAQ: DB) has gained approval from the Swiss financial watchdog to offer tokenized securities to retail clients.
Taurus announced that the Swiss Financial Market Supervisory Authority (FINMA) had given its nod for retail access to its TDX digital asset marketplace. The platform was previously only available to institutional clients.
📢 🎉We've just obtained FINMA approval to extend our financial services and TDX marketplace to retail clients! Retail investors can now access and trade the full spectrum of digital securities in a safe and compliant manner. 💪https://t.co/lHWvyaocDn pic.twitter.com/bq60IbmUD7
— Taurus (@taurus_hq) January 23, 2024
Launched in 2018, Taurus offers a platform for issuing, deploying, and lifecycle management of any type of tokenized asset, from debt and equity to physical assets and non-fungible tokens (NFTs). It also offers secure custody that supports staking and decentralized finance (DeFi).
Following the approval, companies using its TDX marketplace will have a wider pool of investors from whom they can raise money, with support for custom liquidity schemes through continuous or auction-based trading markets. The approval also benefits the existing professional investors as the entry of retail clients will boost the platform’s liquidity.
“Our core belief at Taurus is that private markets 2.0 shall be digitized so that buying a private security becomes as easy as buying a book on Amazon (NASDAQ: AMZN),” commented Yann Isola, the Head of Product at TDX.
He added, “The growing demand for real-world asset (RWA) tokenization, the fastest growing market segment in the digital asset space, validates this belief.”
Following the latest approval, the company announced that some renowned Swiss firms had issued tokenized stock on its platform. They include Switzerland’s oldest private insurer, la Mobilière, e-commerce platform Qoqa, real estate firm Swissroc, and SME-focused lender Teylor AG.
Qoqa debuted its securities on the platform, and in 22 minutes, it reportedly managed to raise CHF1 million ($1.2 million) to finance its latest product.
Commenting on its launch on TDX, Swissroc’s Head of Strategy, Harrison Mean, said it’s a significant leap for real estate tokenization.
“We are glad to play a small part in helping pioneer real estate tokenization. While the industry is still in its infancy, through Taurus technology and TDX, we can start learning and developing about new and innovative use cases, with the goal of unlocking tangible value for those wanting to invest in real estate products,” he commented.
Taurus raised $65 million a year ago in a round led by Credit Suisse (NASDAQ: CSGKF) and with participation from Deutsche Bank and the Pictet Group, one of Switzerland’s largest banking conglomerates.
Deutsche went on to partner with Taurus in September, integrating its technology to offer tokenization and digital asset custody services.
Watch: Tim Draper talks tokenization with Kurt Wuckert Jr.
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