Deutsche Bank Teams Up with Taurus for Cryptocurrency Custody Services
Summary:
Deutsche Bank partners with Taurus to offer cryptocurrency custody options, following a $65 million series B fundraising round. The partnership includes global scope and compliance with local regulations, aiming to serve major European banks. Deutsche Bank continues its plans to enter the cryptocurrency market, while also exploring investments in other German-based cryptocurrency firms.
Deutsche Bank has joined a group of companies that invested $65 million in series B fundraising for Taurus, a cryptocurrency infrastructure platform that offers services for issuing, managing custody, and trading digital assets. The bank underwent a rigorous due diligence process before deciding to use Taurus' infrastructure services. Earlier this year, Deutsche Bank applied for a digital asset custody license and expressed plans to offer cryptocurrency services to its clients. The partnership with Taurus is global in scope, with the platform providing custody and tokenization technology in compliance with local regulations. Deutsche Bank's asset management arm, DWS Group, has also shown interest in investing in German-based cryptocurrency firms. On another note, Deutsche Bank Singapore and Memento Blockchain successfully completed a proof-of-concept project called Project DAMA, which enables the management of digital funds in tokenized securities. Taurus aims to serve "tier 1" banks in Europe and already serves close to 30 banks with various deals beyond cryptocurrencies, including tokenization of equity and debt. Through this partnership, Deutsche Bank will offer its customers cryptocurrency custody options.
Published At
9/14/2023 12:39:34 PM
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