Blockchain infrastructure providers Taurus and Parafin have partnered to deliver blockchain infrastructure to financial institutions

Fintech companies Taurus and Parafin have partnered to deliver blockchain infrastructure to financial institutions in Europe and Latin America — a move aimed at accelerating the adoption of crypto custody and settlement services

Fintech companies Taurus and Parafin have joined forces to bring cutting-edge blockchain infrastructure to financial institutions in Europe and Latin America.

The partnership aims to streamline the adoption of crypto custody and settlement services in both regions, enabling institutions to seamlessly integrate digital assets into their existing operations.

As part of the collaboration, Taurus has successfully integrated its advanced product suite into Parafin’s institutional platform. Together, they will provide a comprehensive end-to-end solution for institutions to manage digital assets effectively.

This integration will empower financial institutions with a full suite of capabilities, including custody and tokenization services, real-time wallet execution, and a varied range of trading instruments.

Taurus specializes in enterprise digital asset custody and tokenization solutions, enabling businesses to issue, store, and trade an array of crypto products.

On the other hand, Parafin, founded in 2018, provides financial infrastructure and merchant services for small businesses. The company's stellar performance has seen it achieve a valuation of $750 million following a $100 million late-stage funding round.

Taurus’s partnership with Parafin will grant it deeper penetration into the Latin American market, renowned for its high crypto adoption rates.

The partnership also coincides with growing interest in Bitcoin and crypto among financial institutions. While the relationship between institutions and digital assets has been complex and evolving, a wave of positive regulatory developments in the US and globally have spurred broader adoption.

Banks are increasingly offering custody services for digital assets, while some institutions now facilitate crypto trading and investment. Several large banks, including JPMorgan, have also experimented with blockchain technology to varying degrees.

A significant turning point came in April, when the US Federal Reserve eased restrictions on financial institutions engaging in cryptocurrency activities.

Bitcoin (BTC) advocate Michael Saylor hailed the move as a major milestone for banks looking to support digital assets.

On May 23, The Wall Street Journal reported that a group of major banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan, has been discussing the possibility of issuing a stablecoin.

The report surfaced amid rising speculation that the US banking sector views yield-bearing stablecoins as a potential threat to its traditional business models.