Deutsche Bank partners with Taurus to offer worldwide cryptocurrency custody solutions

Deutsche Bank partners with Taurus to offer worldwide cryptocurrency custody solutions

Deutsche Bank Partners with Taurus for Digital currency Custody Services

Deutsche Bank has announced a partnership with digital currency infrastructure platform Taurus to offer its customers digital 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 digital 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 Taurus’ infrastructure services. The agreement is worldwide 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 digital 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 was known Project DAMA (Digital Assets Management Access) for managing digital funds in tokenized securities.

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Taurus’ 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 whole lot of interest from established financial institutions in the digital currency space.

Hot Take: Deutsche Bank Embraces Digital currency Custody Services

Deutsche Bank’s partnership with Taurus to offer digital currency custody options reflects the growing understanding of digital assets by traditional financial institutions. As the digital currency market continues  to expand, banks like Deutsche Bank are acknowledging the  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 digital currencies into the mainstream financial system, signaling a whole lot of milestone for the industry.

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