Deutsche Bank Partners with Taurus for Cryptocurrency Custody Services in Bid to Enter Digital Asset Market
Summary:
Deutsche Bank partners with Taurus for cryptocurrency custody services, as part of its plans to enter the digital asset market. Taurus offers infrastructure for cryptocurrencies and digital assets, and the partnership underwent a rigorous due diligence process. Deutsche Bank aims to provide customers with access to cryptocurrency markets and assets. Taurus will offer global custody and tokenization technology, adhering to regulatory requirements. The partnership highlights the growing interest of traditional finance banks in the cryptocurrency space.
German Bank Partners with Taurus for Cryptocurrency Custody Services
Deutsche Bank, among a few other companies, has invested $65 million in Taurus during their series B fundraising round in February 2023. Taurus, a company specializing in enterprise-grade infrastructure for cryptocurrencies and digital assets, offers services to issue, manage custody and trade various digital assets, including NFTs.
The partnership between Deutsche Bank and Taurus underwent a thorough due diligence process initiated towards the end of 2021 and concluded in 2022. The German bank selected Taurus for its infrastructure services a few quarters ago, confirming their long-term plans in the cryptocurrency space.
Deutsche Bank, which has been exploring cryptocurrency custody and trading services for three years, recently applied for a digital asset custody license from Germany's financial regulator BaFin in June 2023. This move aligns with their strategy to provide customers access to digital asset markets.
Taurus will provide custody and tokenization technology to Deutsche Bank on a global scale, adhering to local regulatory requirements. Paul Maley, the head of global securities services at Deutsche Bank, commented that the cryptocurrency market is projected to grow into a multitrillion-dollar industry, becoming a crucial area of focus for investors and institutions.
Furthermore, Deutsche Bank's asset management arm, the DWS Group, was reportedly in talks to invest in two German-based cryptocurrency firms, namely Deutsche Digital Assets and Tradias. It is evident that Deutsche Bank's interest in the cryptocurrency space has expanded beyond Taurus.
Deutsche Bank Singapore and Memento Blockchain recently completed a proof-of-concept project called Project DAMA, which deals with managing digital funds in tokenized securities. Taurus, founded in Switzerland in 2018, raised funds during the series B round with the lead of Credit Suisse. Deutsche Bank and Arab Bank Switzerland were among the major traditional finance banks showing interest in Taurus.
Taurus aims to serve "tier 1" banks in Europe, as highlighted during the announcement of their series B round. Lamine Brahimiaurus, the co-founder of Taurus, mentioned that the platform caters to nearly 30 banks, and their services go beyond cryptocurrencies, including tokenization of equity, debt, and other financial products.
Through the partnership with Taurus, Deutsche Bank will soon offer its customers cryptocurrency custody options. This collaboration signifies Deutsche Bank's commitment to entering the cryptocurrency market.
Source: Cointelegraph
Published At
9/14/2023 12:00:00 PM
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