Swift's Blockchain Ledger Now Accessible Through Taurus Digital Asset Platforms

Swift's Blockchain Ledger Now Accessible Through Taurus Digital Asset Platforms

Within days, Taurus anticipates its first institutional clients will establish connections, followed by inaugural DLT transactions via its platforms in the coming weeks.

Provider of digital asset infrastructure Taurus has successfully connected its custody and tokenization platforms to the blockchain-based ledger operated by Swift.

In a statement released on Wednesday and provided to Cointelegraph, Taurus revealed that its customer base now has the capability to link their current digital asset infrastructure to the ledger, enabling payment processing through tokenized deposits issued by banks.

The company anticipates that initial client integrations will become operational in a matter of days, while the inaugural distributed ledger technology transactions conducted through its platforms are projected to occur within a few weeks.

In July, Swift made the announcement that the ledger had reached readiness for preliminary deployment, with 17 financial institutions spanning six continents gearing up to test live transactions utilizing tokenized deposits. Subsequently, Standard Chartered and HSBC successfully executed the ledger's inaugural live cross-border transaction, linking their distinct tokenized deposit systems together.

The ledger maintained by the international payments network functions as an orchestration layer enabling 24/7 cross-border payment processing through tokenized deposits held on the balance sheets of participating financial institutions. The system facilitates coordination of transfers between institutions prior to final settlement occurring through established arrangements, which include real-time gross settlement systems.