March 27, 2024
Latest Cryptocurrency News

Deutsche Bank Announces Crypto Custody Partnership with Taurus

In February 2023, Deutsche Bank, among a select group of investors, participated in a substantial $65 million series B fundraising round for Taurus, a company specializing in enterprise-grade infrastructure for issuing, managing custody, and trading a wide range of digital assets. These assets encompass cryptocurrencies, tokenized assets, nonfungible tokens (NFTs), and other forms of digital assets.

The collaboration between Deutsche Bank and Taurus was the outcome of a “thorough and very detailed” due diligence process, ensuring that Deutsche Bank could leverage Taurus’s infrastructure services.

“It started, end of 2021 and ended somewhere in 2022. We won the deal a couple of quarters ago.”

This partnership represents a crucial step in Deutsche Bank’s longstanding endeavor to offer its clients cryptocurrency custody and trading services. In June 2023, the bank took a further stride in this direction by applying for a digital asset custody license from Germany’s financial regulator, BaFin, reaffirming its commitment to providing customers with access to cryptocurrency markets and assets.

The scope of this partnership is global, with Taurus tailoring its custody and tokenization technology to comply with local regulatory requirements. Paul Maley, the Head of Global Securities Services at Deutsche Bank, noted that the cryptocurrency space is anticipated to witness the growth of assets into the trillions, making it a focal point for investors and institutions alike.

In parallel, Deutsche Bank’s asset management arm, DWS Group, explored investment discussions with two distinct German-based cryptocurrency companies in February 2023: Deutsche Digital Assets, a crypto exchange-traded product provider, and Tradias, a market maker platform.

Notably, Deutsche Bank Singapore and Memento Blockchain recently concluded a proof-of-concept initiative known as Project DAMA (Digital Assets Management Access), designed for the management of digital funds in tokenized securities.

Taurus, founded in Switzerland in 2018, spearheaded its series B funding round with leadership from Credit Suisse, and participation from financial giants like Deutsche Bank and Arab Bank Switzerland. This indicates a significant level of interest from traditional financial institutions in Taurus’s mission. The series B round explicitly articulated Taurus’s goal to serve “tier 1” banks in Europe. Additionally, Taurus disclosed that it serves nearly 30 banks, with a majority of its deals extending beyond cryptocurrencies to encompass the tokenization of various financial instruments, including equity and debt.

As a result of this collaboration, Deutsche Bank is poised to offer its clientele a range of cryptocurrency custody solutions, capitalizing on the capabilities of Taurus, a cryptocurrency infrastructure platform.

Image by Freepik

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