German banking giant Deutsche Bank has forged a global partnership with Taurus SA, a crypto infrastructure company based in Switzerland. The partnership enables Deutsche Bank to provide custody services for institutional clients’ cryptocurrencies and tokenized assets, Taurus said in a statement. However, crypto trading is not in the bank’s “immediate plans,” a spokesperson said.
The traditional banks have no love affair with the crypto industry, but they need to realize that cryptos represent a new asset class they need to offer their clients. The partnership with Taurus will enable Deutsche Bank to offer its clients the management of cryptocurrencies, tokenized assets, and digital currencies, as stated in their official announcement. Deutsche Bank recognizes the burgeoning potential of the digital asset market and underscores the necessity for traditional financial entities to adapt.
According to Paul Maley, Global Head of Securities Services at Deutsche Bank, “As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike. As such, custodians must start adapting to support their clients.“
Founded in 2018, Taurus provides enterprise-level infrastructure to more than 25 institutional clients, enabling them to issue, safeguard, and trade digital assets. Additionally, Taurus operates a marketplace for private assets and tokenized securities.
Lamine Brahimi, co-founder of Taurus, emphasized the meticulous selection process that led to this partnership, expressing satisfaction in collaborating with Deutsche Bank. He anticipates supporting the bank in launching digital assets and distributed ledger technology (DLT)-based products and services across various booking centers.
Earlier this year, Deutsche Bank participated in Taurus‘ Series B funding round, raising $65 million and led by Credit Suisse. These funds are earmarked for Taurus‘ expansion, including the establishment of offices in Paris, Dubai, Southeast Asia, and the Americas. Taurus also plans to bolster its workforce, increasing staff from 60 to 100 during the year.
This development comes on the heels of Deutsche Bank‘s application for a digital assets license with Germany’s financial regulator, BaFin, earlier this summer. This regulatory approval would grant the bank the authority to provide custody services for digital assets, including cryptocurrencies.
