Sep 14, 2023

Deutsche Bank Leverages Taurus for Global Crypto Custody Services

Deutsche Bank taps Taurus for Global Crypto Custody Services with AI Technology.
Deutsche Bank taps Taurus for global crypto custody services

Deutsche Bank Offers Cryptocurrency Custody Options

Deutsche Bank is offering customers access to cryptocurrency custody options through a partnership with Taurus, a cryptocurrency infrastructure platform. The German bank was one of the investors in the $65 million Series B fundraising round for Taurus in February 2023.

Taurus provides enterprise-grade infrastructure to issue, manage custody, and trade cryptocurrencies, tokenized assets, nonfungible tokens, and other digital assets. According to Taurus co-founder Lamine Brahimi, the partnership went through a “thorough and very detailed” due diligence process.

As previously reported, Deutsche Bank has been exploring plans to offer cryptocurrency custody and trading services to its customers for the past three years. Recently, the bank applied for a digital asset custody license from Germany’s financial regulator, the Federal Financial Supervisory Authority, to offer its clients access to cryptocurrency markets and assets such as HEX Crypto, FTM Crypto, HBAR Crypto, Compound Crypto, and more.

Cryptocurrency Space is Growing

Taurus is providing custody and tokenization technology to ensure global compliance with local regulatory requirements, according to Brahimi. Paul Maley, Head of Global Securities Services at Deutsche Bank, highlighted the potential growth of the cryptocurrency space, predicting it to reach trillions of dollars in assets.

In February 2023, DWS Group, the asset management arm of Deutsche Bank, explored investing in two German-based cryptocurrency firms – Deutsche Digital Assets and Tradias. Additionally, Deutsche Bank Singapore and Memento Blockchain have recently completed a proof-of-concept called Project DAMA (Digital Assets Management Access), which enables the management of digital funds in tokenized securities.

The crypto .com, ai technology, lunc crypto, quant crypto, web 3.0, hex crypto, ftm crypto, hbar crypto, crypto youtube, and compound crypto markets are expected to continue to expand, providing investors and institutions with more opportunities.

Taurus’s Series B Round

In 2018, Taurus, a Swiss-based company, closed its Series B round of funding with major investments from traditional finance banks such as Credit Suisse, Deutsche Bank, and Arab Bank Switzerland.

The round announcement also highlighted Taurus’ goal to serve “tier 1” banks in Europe. According to Taurus CEO Brahimi, the platform has already served close to 30 banks, with many deals involving the tokenization of equity, debt, and other products in the crypto space.

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