Deutsche Bank is stepping into the world of cryptocurrency custody services. The German banking giant has joined forces with Taurus, a leading cryptocurrency infrastructure platform, to provide its customers with secure and robust crypto custody solutions.
Investment in Taurus: A Bold Move by Deutsche Bank
Back in February 2023, Deutsche Bank made a strategic investment in Taurus, contributing to a $65 million series B fundraising round. This move signaled the bank’s commitment to embracing the world of digital assets.
Taurus, known for its enterprise-grade infrastructure, specializes in issuing, managing custody, and facilitating the trading of cryptocurrencies, tokenized assets, nonfungible tokens (NFTs), and various other digital assets.
Taurus co-founder Lamine Brahimiaurus further highlighted the meticulous due diligence process that paved the way for this partnership. He stated,
“It started at the end of 2021 and concluded somewhere in 2022. We won the deal a couple of quarters ago.”
This rigorous evaluation underscores Deutsche Bank’s dedication to providing its clients with top-tier crypto services.
Deutsche Bank’s Crypto Aspirations and Taurus’s Adherence
Deutsche Bank’s interest in the cryptocurrency arena has been brewing for the past three years. The bank has been actively pursuing plans to offer cryptocurrency custody and trading services to its clients.
In June 2023, Deutsche Bank took a significant step by applying for a digital asset custody license from Germany’s financial regulator, BaFin. This move further aligns with the bank’s strategy to provide its customers with access to cryptocurrency markets and assets.
The agreement between Deutsche Bank and Taurus is not limited by geographical boundaries. Taurus is committed to providing custody and tokenization technology in compliance with local regulatory requirements. This global scope further ensures that clients around the world can benefit from Deutsche Bank’s cryptocurrency offerings.
Furthermore, Paul Maley, the head of Deutsche Bank’s global securities services, emphasized the immense potential of the cryptocurrency space. He stated that the crypto market is poised to grow to trillions of dollars in assets and is increasingly becoming a priority for investors and institutions alike.
DWS Group’s Cryptocurrency Ventures
In a related development, Deutsche Bank’s asset management arm, DWS Group, explored investment opportunities in two different German-based cryptocurrency firms in February 2023. This included discussions with crypto exchange-traded product provider Deutsche Digital Assets and market maker platform Tradias.
Notably, Deutsche Bank Singapore and Memento Blockchain recently collaborated on Project DAMA (Digital Assets Management Access). This innovative proof-of-concept allows for the management of digital funds in tokenized securities, showcasing the bank’s commitment to pioneering digital asset solutions.
Taurus’s Rising Star: Backed by Major Players
Founded in Switzerland in 2018, Taurus’s series B fundraising round received strong backing from traditional finance giants like Credit Suisse and Deutsche Bank. Arab Bank Switzerland also joined the ranks, further highlighting the substantial interest from established financial institutions.
Taurus serves a diverse clientele, including close to 30 banks. Their services extend beyond cryptocurrencies to encompass the tokenization of equity, debt, and other financial products.
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