Banking giant Standard Chartered has acquired a stake in crypto custody and trading platform Taurus, as it looks to expand its services in the digital asset space. Taurus, which offers institutional-grade infrastructure for storing and trading cryptocurrencies, will now have the support of one of the world’s leading banks.
“We won the deal a couple of quarters ago, so the bank became a client and then decided to take a stake in Taurus,” said Alexandre Brahimi, co-founder and managing partner at Taurus, in an interview with CoinDesk. “The partnership focuses on cryptocurrencies, but we are well known for going beyond cryptocurrencies. So, where it sees fit, the bank will be able to tokenize assets and provide asset servicing.”
The move by Standard Chartered highlights the increasing interest and involvement of traditional financial institutions in the growing cryptocurrency market. While some banks have been cautious in their approach to digital assets, others, like Standard Chartered, are recognizing the potential of cryptocurrencies and blockchain technology.
Standard Chartered’s investment in Taurus is expected to bolster the platform’s credibility and attract more institutional clients. Taurus offers secure custody services for cryptocurrencies, ensuring that digital assets are safeguarded against cyber threats and other risks. With the backing of Standard Chartered, Taurus will likely gain the trust of more traditional finance players who are seeking reliable and regulated solutions for their crypto needs.
The partnership between Standard Chartered and Taurus also opens up possibilities for tokenization of assets. Tokenization involves representing real-world assets, such as real estate or stocks, in the form of digital tokens on a blockchain. This enables the fractional ownership and transfer of these assets, making them more accessible and tradable. With Standard Chartered’s expertise in asset servicing, the bank will be able to provide the necessary infrastructure for tokenization and facilitate the trading and management of tokenized assets.
As the cryptocurrency market continues to evolve and mature, collaborations between traditional financial institutions and crypto-focused companies like Taurus will likely become more common. These partnerships not only bridge the gap between traditional finance and the digital asset space but also provide opportunities for innovation and the development of new financial products and services.
Sources: [source 1](https://www.example1.com), [source 2](https://www.example2.com)
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