Deutsche Bank Partners with Taurus SA for Digital Assets Custody
Deutsche Bank AG has formed a partnership with Swiss crypto technology firm, Taurus SA, to advance its digital assets custody service. Through this collaboration, Deutsche Bank will be able to offer custody and tokenization services with the help of Taurus SA’s innovative technology.
Venturing into the Digital Custody Domain
This strategic alliance aligns with Deutsche Bank’s previous plans to enter the digital custody market. Paul Maley, the global head of securities services at Deutsche Bank, mentioned this collaboration in an earlier interview with Bloomberg News. He emphasized that custodians must adapt to support their clients as the digital asset space is expected to handle trillions of dollars in assets.
The Future Lies in Tokenized Financial Assets
Paul Maley highlighted the growing significance of the digital asset sector and its potential to manage trillions in assets. He stated that custodians need to evolve and meet the increasing demand. Earlier this year, Deutsche Bank also invested in Taurus during a $65 million funding round, demonstrating its commitment to the digital asset space.
Deutsche Bank intends to initially offer crypto custody services for select cryptocurrencies and stablecoins. However, they anticipate significant growth in tokenized financial assets.
Paving the Way for Crypto Custody
In June, Deutsche Bank applied for a crypto custody license from Bafin, the German regulator, as part of its preparations for entering the crypto market.
Hot Take: Deutsche Bank Strengthens Its Position in Digital Assets Custody
Deutsche Bank’s partnership with Taurus SA is a significant step towards launching its digital assets custody service. By joining forces with a leading crypto technology firm, Deutsche Bank can provide custody and tokenization services to meet the growing demand in the digital asset sector. This collaboration underscores the bank’s commitment to adapting and evolving in response to the changing needs of investors and corporations. With its strategic investments and regulatory preparations, Deutsche Bank is well-positioned to become a major player in the crypto custody space.
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