Deutsche Bank Partners with Taurus SA for Digital Asset Custody and Tokenization Services
Deutsche Bank, one of the largest banks in Germany, has entered into a global partnership agreement with Swiss-based crypto infrastructure firm Taurus SA. The partnership aims to provide digital asset custody and tokenization services to Deutsche Bank’s clients. With over €1.3 trillion ($1.4 trillion) in assets under management, Deutsche Bank will integrate Taurus’ technology to manage cryptocurrencies, tokenized assets, and digital currencies.
The bank recognizes the growth potential of the digital asset market and believes that traditional financial institutions need to adapt to meet the demands of investors and corporations. Paul Maley, Deutsche Bank Global Head of Securities Services, emphasized the importance of custodians adapting to support their clients in the rapidly evolving digital asset space.
Taurus, founded in 2018, offers enterprise-grade infrastructure for institutional clients to issue, custody, and trade digital assets. The firm also operates a marketplace for private assets and tokenized securities. The partnership with Deutsche Bank is the result of a thorough selection process where Taurus demonstrated the quality and breadth of its products and technology.
Taurus Funding Round and BaFin License Application
Deutsche Bank previously participated in Taurus’ $65 million Series B funding round in February. This funding is being used for Taurus’ expansion plans, including opening offices in various locations and increasing its staff count.
In addition, Deutsche Bank applied for a digital assets license with Germany’s financial regulator BaFin this summer. If approved, the bank will be able to operate a custody service for digital assets, including cryptocurrencies.
This move aligns with Deutsche Bank’s broader strategy to increase fee income and reflects similar efforts at its investment arm, DWS Group.
Deutsche Bank has been considering the introduction of digital asset custody since late 2020, despite previous research reports that stated bitcoin was “too volatile” to be a reliable store of value.
Taurus has also expanded its tokenization and custody offering by integrating the Polygon network, adding it as the fourth supported blockchain for clients.
Hot Take: Deutsche Bank Embraces Digital Assets with Taurus Partnership
Deutsche Bank’s partnership with Taurus SA marks a significant step in embracing digital assets. As the digital asset market continues to grow and gain traction, traditional financial institutions like Deutsche Bank recognize the need to adapt and offer services to meet the demands of their clients. By integrating Taurus’ technology, Deutsche Bank aims to provide secure custody and tokenization services for cryptocurrencies, tokenized assets, and digital currencies. This partnership not only highlights Deutsche Bank’s commitment to innovation but also signals the increasing acceptance and adoption of digital assets within the financial industry.
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