Deutsche Bank Partners with Taurus for Digitalย currency Custody Services
Deutsche Bank has announced a partnership with digitalย currency infrastructure platform Taurus to offer its customers digitalย currency custody alternatives. The German bank was part of a $65 Million series B fundraising round for Taurus in February 2023. Taurus provides enterprise-grade infrastructure for the issuance, management, custody, and trading of digitalย currencies, tokenized assets, NFTs, and other digital assets.
The partnership between Deutsche Bank and Taurus underwent a thorough due diligence process before the bank decided to use Taurusโ infrastructure services. The agreement is worldwide in scope, with Taurus providing custody and tokenization technology that complies with local regulatory requirements.
Deutsche Bankโs Growing Interest in Cryptocurrency
Deutsche Bankโs asset management arm, DWS Group, has been in talks to invest in two German-based digitalย currency corporations. This includes Deutsche Digital Assets, a provider of cryptocurrency exchange-traded products, and Tradias, a market maker platform. Additionally, Deutsche Bank Singapore and Memento Blockchain recently completed a proof-of-concept wasย known Project DAMA (Digital Assets Management Access) for managing digital funds in tokenized securities.
Taurusโ Funding Round Led by Credit Suisse
Taurus, established in Switzerland in 2018, raised $65 Million in its series B funding round. The round was led by Credit Suisse and included major traditional finance banks such as Deutsche Bank and Arab Bank Switzerland. This indicates wholeย lotย of interest from established financial institutions in the digitalย currency space.
Hot Take: Deutsche Bank Embraces Digitalย currency Custody Services
Deutsche Bankโs partnership with Taurus to offer digitalย currency custody options reflects the growing understanding of digital assets by traditional financial institutions. As the digitalย currency market continuesย to expand, banks like Deutsche Bank are acknowledging theย capacity for trillions of dollars in assets and are prioritizing this space to cater to investor and institutional demands. This partnership outlines the increasing integration of digitalย currencies into the mainstream financial system, signaling a wholeย lotย of milestone for the industry.
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