Swiss fintech firm Taurus Group is moving ahead with its digital asset marketplace after obtaining a securities license from the country’s financial regulator on Monday.
According to a press release shared with CoinDesk, the firm will launch its Taurus Digital eXchange (TDX) on May 10. The platform seeks to provide investors and banks with the ability to trade a number of assets including tokenized securities, private assets, real estate, art, non-fungible tokens and cryptocurrencies.
“We are convinced that the tokenization of real assets is the future of investment,” said Lamine Brahimi, co-founder at Taurus Group. Brahimi added TDX is targeted toward small and medium companies, non-listed large corporations and real estate firms. In that sense, these institutions will gain access to “greater liquidity and capital” currently only on offer for large publicly listed companies.
The Swiss Financial Market Supervisory Authority granted Taurus its securities firm paving the way for the launch. Various banks in the country have already begun onboarding including Arab Bank Switzerland, Hypothekarbank Lenzburg, Flow Bank and SEBA.
Switzerland’s first wave pool, dubbed Alaia Bay; private investment firm Audacia; and real estate firms Investis Group and Stoneweg are also onboarding, according to the release.
Taurus says both primary issuance and direct listings are possible on TDX with the platform being able to manage central limit order books, auction-based or request for quotes systems depending on the underlying asset and regulatory framework. The platform is also able to process smart contracts issued on Ethereum or Tezos.
The announcement follows changes in February to the Swiss regulatory environment for tokenized securities. Under the new “DLT Law,” trading securities on a blockchain has the same legal standing as traditional assets. Switzerland currently shares the mantle alongside Singapore for being the most advanced jurisdiction in the world for crypto regulation and clarity.
Taurus only provides financial services on an “execution-only” basis to institutional, professional and high-net-worth retail clients, according to the company’s website.