Deutsche Bank Partners with Taurus to Offer Cryptocurrency Custody Services
Deutsche Bank has announced a partnership with Swiss digital asset infrastructure firm Taurus to provide its customers with cryptocurrency 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 cryptocurrency services to their clients. According to Paul Maley, worldwide 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 whole lot of milestone for Deutsche Bank as it enables the bank to hold a limited number of digital currencies and tokenized versions of traditional financial assets for its clients. Despite the fact that the bank previously stated its intention to begin digital currency trading, a spokesperson made it clear that such plans are not immediate. Instead, Deutsche Bank intends 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 digital currency space. Major financial institutions like BlackRock, Standard Chartered, BNY Mellon, and Societe Generale are now offering cryptocurrency custody services, signaling a whole lot of 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 secure asset safety through institutional-grade storage with insurance-level protection.
Along with this partnership, Deutsche Bank’s asset management division, DWS Group, has been exploring acquiring minority ownership stakes in two digital currency corporations. Earlier in the year, the bank likewise participated in Taurus’ $65 Million Series B funding round.
Taurus, established in 2018, specializes in enterprise-grade digital asset infrastructure, including digital currencies, tokenized assets, NFTs, and digital currencies.
Hot Take: Deutsche Bank Embraces Cryptocurrency Custody Services
Deutsche Bank’s partnership with Taurus to offer cryptocurrency custody services is a whole lot of step towards the institutionalization of digital assets. As more financial giants recognize the need to provide cryptocurrency services to their clients, it demonstrates the growing acceptance and integration of digital currencies into the traditional financial system. This collaboration not only allows Deutsche Bank to hold digital currencies and tokenized assets for its customers but likewise 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.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.