Deutsche Bank Partners with Taurus for Cryptocurrency Custody Services
Deutsche Bank has announced a partnership with cryptocurrency infrastructure platform Taurus to offer its customers cryptocurrency custody options. 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 cryptocurrencies, 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 Taurus’ infrastructure services. The agreement is global in scope, with Taurus providing custody and tokenization technology that complies with local regulatory requirements.
Deutsche Bank’s Growing Interest in Cryptocurrency
Deutsche Bank’s asset management arm, DWS Group, has been in talks to invest in two German-based cryptocurrency firms. This includes Deutsche Digital Assets, a provider of crypto exchange-traded products, and Tradias, a market maker platform. In addition, Deutsche Bank Singapore and Memento Blockchain recently completed a proof-of-concept called Project DAMA (Digital Assets Management Access) for managing digital funds in tokenized securities.
Taurus’ Funding Round Led by Credit Suisse
Taurus, founded 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 significant interest from established financial institutions in the cryptocurrency space.
Hot Take: Deutsche Bank Embraces Cryptocurrency Custody Services
Deutsche Bank’s partnership with Taurus to offer cryptocurrency custody options reflects the growing recognition of digital assets by traditional financial institutions. As the cryptocurrency market continues to expand, banks like Deutsche Bank are acknowledging the potential for trillions of dollars in assets and are prioritizing this space to cater to investor and institutional demands. This partnership highlights the increasing integration of cryptocurrencies into the mainstream financial system, signaling a significant milestone for the industry.
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