Software Provider Temenos Enables Crypto Trading for Banks

Banking software provider Temenos has announced a partnership with online digital asset firm Taurus to enable access to cryptocurrency for financial institutions.

Per its press release, the integration would make it easier for banks to offer cryptocurrency trading to their clients via Taurus’ platform.

Temenos Leveraging Taurus Blockchain Expertise

This will see Temenos’ banking clients exposed to a plethora of blockchain solutions like Taurus-CAPITAL (tokenization and lifecycle management), Taurus-PROTECT (hot, warm, cold digital asset custody), and Taurus-EXPLORER (API-based blockchain connectivity to ten blockchain protocols).

All this will now be accessible through the Temenos MarketPlace.

Temenos notes that Taurus was selected after a thorough review and evaluation process to help banks seamlessly integrate all forms of digital assets across cryptocurrencies, tokenized assets, and digital currencies.

Taurus will be integrated with Temenos’ next-generation core banking software called Temenos Transact.

Speaking on the occasion, Managing Partner at Taurus Sebastien Dessimoz noted that there had been an increase in demand for digital assets since 2020.

According to Dessimoz, Taurus’ blockchain expertise would aid Temenos clients in managing any digital asset and creating digital products easily.

Geneva-based Taurus received a securities license from the Swiss Financial Market Supervisory Authority (FINMA) to launch the regulated crypto marketplace dubbed the Taurus Digital Exchange (TDX).

Taurus said that TDX would enable investors and banks to trade tokenized securities, private assets, real estate, art, non-fungible tokens (NFTs), and cryptocurrencies.

Taurus is a seasoned blockchain company as it offers services for cryptocurrencies, including staking and decentralized finance (DeFi), tokenized assets, and digital assets, all within its platform.

Taurus Integrates Aave

Taurus has continued to grow its product suite. In March 2021, the Swiss digital asset provider added DeFi protocol Aave to its asset infrastructure. The integration would enable banks and exchanges to deposit and borrow cryptocurrencies like Ether.

Aave, a DeFi protocol catering to both institutional and retail users, facilitates borrowing and lending of digital assets has experienced exponential growth alongside the broader crypto market.

Banks are gradually warming up to decentralized finance (DeFi) protocols like Aave, as the amount of funds locked up in DeFi protocols rises above the $80 billion mark, per DeFi Pulse.

In a research paper published earlier this month by Netherlands-based ING Bank, it was agreed that both centralized and decentralized financial systems need to co-exist to achieve success. The paper states:

“Although DeFi currently appears to be a domain on its own, we envision that centralized and decentralized financial services will converge at some stage as both have unique capabilities that are beneficial to the other. There is, however, the challenge for centralized institutions of making sure that their assets stay within countries that are white-listed.”

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Author: Jimmy Aki

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