Deutsche Bank Enlists Taurus for Worldwide Cryptocurrency Custody Solutions

Deutsche Bank is poised to offer its clients cryptocurrency custody options through a strategic collaboration with the cryptocurrency infrastructure platform Taurus.

This collaboration marks a significant step for the German bank, which was among the select companies that participated in Taurus’s $65 million Series B fundraising round in February 2023. Taurus specializes in delivering enterprise-grade infrastructure solutions for the issuance, management, custody, and trading of cryptocurrencies, tokenized assets, nonfungible tokens (NFTs), and various other digital assets.

According to Lamine Brahimi, co-founder of Taurus, the partnership underwent an extensive and meticulous due diligence process before Deutsche Bank opted to leverage Taurus’s infrastructure services:

“The process began in late 2021 and concluded in 2022. We secured the deal a few quarters ago.”

Deutsche Bank has been actively exploring plans to provide cryptocurrency custody and trading services to its clientele over the past three years. In June 2023, the bank applied for a digital asset custody license from Germany’s financial regulator, the Federal Financial Supervisory Authority (BaFin), further solidifying its commitment to granting its customers access to cryptocurrency markets and assets.

Brahimi confirmed that the partnership holds a global scope, with Taurus tailoring its custody and tokenization technology to align with local regulatory requirements.

In announcing the partnership, Paul Maley, Head of Global Securities Services at Deutsche Bank, emphasized that the cryptocurrency space is poised for substantial growth, potentially evolving into a market with assets totaling in the trillions of dollars. Consequently, it is expected to become a focal point for investors and institutional players.

Simultaneously, Deutsche Bank’s asset management arm, DWS Group, was reportedly engaged in discussions to invest in two distinct German-based cryptocurrency firms in February 2023: Deutsche Digital Assets, a provider of crypto exchange-traded products, and Tradias, a platform specializing in market making.

Furthermore, Deutsche Bank Singapore and Memento Blockchain recently successfully completed a proof-of-concept initiative named Project DAMA (Digital Assets Management Access). This project facilitates the management of digital funds within tokenized securities.

Taurus, founded in Switzerland in 2018, attracted significant attention during its Series B funding round, which was led by Credit Suisse and included participation from esteemed institutions such as Deutsche Bank, alongside Arab Bank Switzerland. This demonstrated a strong interest from traditional financial institutions in Taurus’s offerings.

The announcement of the Series B funding round underscored Taurus’s objective to serve “tier 1” banks in Europe. Lamine Brahimi also noted that the platform currently serves nearly 30 banks, with many of these partnerships extending beyond cryptocurrencies to encompass the tokenization of equity, debt, and other financial products.

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