Deutsche Bank, the Germany-based banking giant, has inked a global agreement with Taurus, a Swiss technology firm specializing in digital assets. This partnership aims to introduce cryptocurrency custody services for Deutsche Bank’s clients.
In line with this collaboration, Deutsche Bank plans to incorporate Taurus’s sophisticated digital asset technology into its operations, enabling it to provide digital asset custody and tokenisation services.
This development comes on the heels of Deutsche Bank’s involvement in Taurus’s Series B funding round, where they contributed to a $65 million investment alongside other prominent financial institutions such as Credit Suisse, Pictet Group, and Arab Bank Switzerland.
Paul Maley, the Global Head of Securities Services at Deutsche Bank, emphasized the growing significance of the digital asset sector, which is projected to encompass trillions of dollars’ worth of assets.
This tremendous potential makes it a key area of focus for investors and corporations alike.
In light of this, Maley underlined the necessity for custodians to adapt and evolve to effectively cater to their clients’ needs.
Founded in 2018, Taurus specializes in providing robust digital asset infrastructure for the issuance, safekeeping, and trading of digital assets. This includes cryptocurrencies, tokenized assets, NFTs, and digital currencies.
Taurus caters to an array of financial institutions, ranging from systemic and universal banks to online and crypto banks, as well as private banks and broker-dealers.
In addition to these services, Taurus, which confirmed that a “thorough and very detailed” due diligence process was carried out prior to Deutsche Bank’s decision to utilize its infrastructure service, also oversees a marketplace focused on private assets and tokenized securities, further expanding the scope of its services.
The Swiss-based fintech company said that their collaboration is a logical progression of Deutsche Bank’s recent endeavors in the digital asset space.
In fact, over the past three years, Deutsche Bank has been crafting strategies to offer cryptocurrency custody and trading services to its clients. In June 2023, as part of this strategic direction, the banking giant applied for a digital asset custody license from Germany’s Federal Financial Supervisory Authority.
This application represents another significant step in Deutsche Bank’s ongoing efforts to provide its customers with comprehensive access to cryptocurrency markets and assets.
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