Deutsche Bank Partners with Taurus for Digital Asset Custody and Tokenization Services
German financial giant Deutsche Bank has announced a global partnership agreement with Swiss startup Taurus to provide digital asset custody and tokenization services for its clients. With over $1.4 trillion in total assets, Deutsche Bank plans to utilize Taurus’ technology to manage cryptocurrencies, tokenized assets, and digital currencies.
The Result of Thorough Selection Process
Taurus co-founder Lamine Brahimi stated that the partnership is the outcome of a meticulous selection process where the fintech startup demonstrated the quality and breadth of its products and technology. The collaboration follows Deutsche Bank’s participation in Taurus’ $65 million Series B funding round in February, along with Credit Suisse, Pictet Group, and Arab Bank Switzerland.
Expanding Operations Across Europe and UAE
The funding aims to expand Taurus’ operations in Europe and the United Arab Emirates (UAE), with future plans to focus on the Americas and South-East Asia. Since late 2020, Deutsche Bank has been pursuing the launch of digital asset custody. In June, the bank applied with the German financial regulatory authority, BaFin, to establish its “digital assets and custody business.”
Hot Take: Deutsche Bank Embraces Digital Assets
In a move signaling increased adoption of digital assets by traditional financial institutions, Deutsche Bank has partnered with Taurus to offer digital asset custody and tokenization services. With its extensive assets under management, Deutsche Bank’s entry into this space adds credibility and legitimacy to the growing industry. This collaboration demonstrates a recognition of the potential of cryptocurrencies and tokenized assets as valuable investment options. It also highlights the importance of robust custody solutions for securely managing these assets. As more banks embrace digitalization, the integration of digital assets into traditional financial services is set to accelerate.
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