Cosmos Unveils Partner Network to Simplify Tokenization for Banks

Cosmos has launched its Partner Network, a coalition of 17 industry leaders that aims to simplify tokenization for financial institutions. The network includes companies like BitGo, Galaxy Digital, and OpenZeppelin, which will provide services such as custody, compliance, and security.

The primary focus of the network is on tokenized deposits, digital representations of commercial bank money that stay on the issuing bank's balance sheet. This approach differs from most stablecoin projects, which often represent a claim against a non-bank issuer.

Cosmos claims that its technology already underpins more than 150 blockchains, securing over $70 billion in assets. However, no bank clients or live deployments have been named yet.