Swiss blockchain startup Taurus has rounded up 35 banks for the launch of its interbank network for digital assets, Finextra reports.

The network leverages Taurus' relationships with global banks and market makers - such as Deutsche Bank and State Street - to create an ecosystem where regulated financial institutions retain control over their assets, while interacting electronically directly with each other.

It's designed to make transactions faster, reduce counterparty risk, and generally improve how banks manage collateral.

Arab Bank Switzerland, Capital Union Bank, Flowdesk, ISP Group, Misyon Bank, and Swissquote are amond the early participants. Additional major financial institutions are expected to join in the first semester of 2025.

As part of the TN collateral management platform, participants can pledge funds or assets for instant credit to other participants. Banks can use their balance sheet to participate in syndicated loans originated by other members of the network.

Rani Jabban, managing director at Arab Bank Switzerland, says:

"Joining Taurus-Network empowers us to securely collaborate with other leading financial institutions while retaining full control over our operations. Taurus-Network sets a new standard for efficiency and trust in the industry, and we’re excited to be part of it.”

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