Deutsche Bank Partners with Taurus to Offer Crypto Custody Services
Deutsche Bank has announced a partnership with Swiss digital asset infrastructure firm Taurus to provide its customers with crypto custody services. This move reflects the increasing importance of digital assets in the financial world and demonstrates the growing acceptance by mainstream financial institutions of the need to offer crypto services to their clients. According to Paul Maley, global head of securities services at Deutsche Bank, as the digital asset space is expected to encompass trillions of dollars of assets, it is becoming a priority for investors and corporations.
The partnership represents a significant milestone for Deutsche Bank as it allows the bank to hold a limited number of cryptocurrencies and tokenized versions of traditional financial assets for its clients. Although the bank previously stated its intention to start cryptocurrency trading, a spokesperson clarified that such plans are not immediate. Instead, Deutsche Bank aims to seamlessly integrate Taurus’ technology into its existing IT infrastructure.
Institutionalization of Crypto
This partnership between Deutsche Bank and Taurus is part of a broader trend of institutionalization within the cryptocurrency space. Major financial institutions like BlackRock, Standard Chartered, BNY Mellon, and Societe Generale are now offering crypto custody services, signaling a significant shift towards embracing digital assets within the institutional finance sector.
Deutsche Bank: Bridging Digital Assets and Traditional Banking
Deutsche Bank’s goal is to create a comprehensive custody platform that bridges the gap between digital assets and traditional banking services for institutional clients. This platform will simplify asset management, provide value-added services, and ensure asset safety through institutional-grade storage with insurance-level protection.
In addition to this partnership, Deutsche Bank’s asset management division, DWS Group, has been exploring acquiring minority ownership stakes in two cryptocurrency firms. Earlier this year, the bank also participated in Taurus’ $65 million Series B funding round.
Taurus, founded in 2018, specializes in enterprise-grade digital asset infrastructure, including cryptocurrencies, tokenized assets, NFTs, and digital currencies.
Hot Take: Deutsche Bank Embraces Crypto Custody Services
Deutsche Bank’s partnership with Taurus to offer crypto custody services is a significant step towards the institutionalization of digital assets. As more financial giants recognize the need to provide crypto services to their clients, it demonstrates the growing acceptance and integration of cryptocurrencies into the traditional financial system. This collaboration not only allows Deutsche Bank to hold cryptocurrencies and tokenized assets for its customers but also reinforces the importance of bridging digital assets and traditional banking services. With this move, Deutsche Bank is positioning itself at the forefront of the evolving financial landscape.
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