Banco Santander Enlists Taurus for Crypto Protection; DZ Bank Launches Own Custody Platform
Summary:
Spanish financial services giant Banco Santander has reportedly hired digital asset management firm Taurus to protect its Swiss clients' Bitcoin (BTC) and Ether (ETH). This follows the rollout of a new BTC and ETH trading service by Santander's Swiss private banking unit. The bank declined to comment on the reported arrangement with Taurus, who also offer crypto custody solutions in partnership with Deutsche Bank. Meanwhile, Germany's third-largest bank, DZ Bank, has developed its own blockchain-based digital asset custody platform.
Banco Santander, the Spanish financial services titan, has purportedly enlisted Taurus, a digital asset management firm, to secure Bitcoin (BTC) and Ether (ETH) belonging to its Swiss customers. This move came after Santander Private Banking International's Swiss division activated a new trading service for Bitcoin and Ether on November 20, exclusively for clients with Swiss accounts. According to a Santander representative, clients would be able to access crypto investment services only after making special requests through their relationship managers.
An unidentified source told CoinDesk that Taurus, a crypto custody firm, was chosen by the bank to ensure the safe storage of the crypto assets. Santander, when asked to confirm these details, refused to comment, making no statement about service providers or potential providers.
On September 14, Taurus collaborated with Deutsche Bank, the German banking powerhouse, offering cryptocurrency custodial solutions to its customers. Taurus didn't provide an immediate comment on Cointelegraph's request.
At the same time, other banks like DZ Bank, Germany's third-largest bank by asset size, have developed their own digital asset custody platforms based on blockchain technology. Holger Meffert, DZ's Head of Securities Services and Digital Custody, has voiced the bank's interest in utilizing distributed ledger technology (DLT). He also mentioned the bank’s plans to allow institutional investors and private customers to purchase cryptocurrencies like Bitcoin in the future.
Published At
11/29/2023 1:17:23 PM
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