- Custodian Taurus has announced a partnership with Lido Finance protocol.
- The collaboration will allow the company to provide steaking services to Swiss banks.
- Taurus officials say the opportunity “builds a bridge” between the Web3 industry and the traditional finance sector.
Cryptocurrency storage and trading services provider Taurus has announced a partnership with Lido Finance Protocol. This partnership opens up access to liquidity-stacking for Swiss banks.
According to a statement, the collaboration with Lido Finance is in response to the growing demand for digital assets from institutional investors. Swiss banks regulated by the Financial Markets Supervisory Authority (FINMA) will now have new opportunities for growth, the company said.
Taurus representatives note that at this stage, steaking services are only available to financial institutions from the said country. However, the custodian’s team hopes that the authorities of other European countries will follow Switzerland’s example in terms of crypto industry development.
Taurus is a partner of such financial institutions as Deutsche Bank and Santander. The company’s representatives expect that these banks will also be able to take advantage of the steaking offer in the near future.
“The goal is to build a bridge between the world of digital assets and the realm of traditional finance. Taurus provides institutions such as banks with access to liquid steaking solutions, and Lido is a leader in this area,” said Taurus Chief Marketing Officer Victor Busson.
It is worth noting that in January 2024, the company received approval from FINMA to retail tokenized derivatives trading in Switzerland. For this type of operations Taurus uses its TDX platform.
Recall, we wrote that the volume of blocked funds in the protocol Lido Finance updated the historical maximum.
