- Taurus platform extends support to Tezos smart contracts.
- Both parties are extremely excited by this development.
- Tezos users can now issue and service any custom Tezos smart contract.
Tezos users rejoice as Taurus SA ‘Taurus’ announces its full integration for support of any Tezos smart contracts. In detail, support for Tezos smart contracts on the Taurus ecosystem includes the FA1.2 and FA2.0 standards.
With this, issuers and banks can book, issue, and service any tokenized asset on the Tezos blockchain. More so, these steps are fully automated. So far, Taurus is the only technology provider that delivers this service.
Making the decision to support Tezos smart contract seems to have been a no-brainer for Taurus. This is likely due to Tezos’ growing popularity. To note, smart contract deployments on the platform have shot up ridiculously high in 2021. Moreover, transactions on the network have surpassed 50 million.
The Co-Founder of Taurus — Lamine Brahimi, says:
Tezos is in high demand in the areas of tokenized assets and NFTs thanks to its low transaction fees and energy-efficient, proof of stake algorithm. We are pleased to allow our clients and prospects – in the financial services, entertainment, gaming industries – to easily and automatically process any Tezos smart contracts and accelerate adoption.
Thus, Taurus’ solutions now allow clients to interact with and issue any Tezos smart contract function without any custom development. To highlight, this decision came from a multifaceted collaboration with the Tezos ecosystem launched in 2020. This includes the support of Tezos (XTZ), Tezos staking, the native cryptocurrency of the Tezos blockchain, and FA1.2 and FA2.0 standards, including NFTs.
In particular, the biggest issue is that issuance platforms are usually disconnected from enterprise-grade custody solutions. So while existing custody platforms are mostly built for cryptocurrencies with basic smart contract function capabilities, it is quite impossible for banks or asset owners to perform asset servicing operations.
Therefore, Taurus pitches solutions for the Tezos ecosystem. In addition to Ethereum, which has had support since 2020, any fiduciary obligations related to tokenized assets are automatically operated by detecting and processing any smart contract function call. Specifically, this happens without any limit or custom development.
To specify, Taurus’ solutions allow their users the following. Firstly, users can issue and service any custom Tezos’ smart contract (FA1.2 and FA2.0). Secondly, users can interact with any function of Tezos’ smart contracts (FA1.2 and FA2.0) that has for example been already issued by another entity. As a result, costs will go down significantly, compliance with fiduciary duties is guaranteed, and users can break the ceiling in terms of use cases coverage. Hence, Taurus is the only global digital asset infrastructure provider that manages any end-to-end tokenized asset on Tezos.