Deutsche Bank, one of Germany’s largest banks, has announced a partnership with cryptocurrency infrastructure platform Taurus to provide cryptocurrency custody options to its customers. This move comes after Deutsche Bank invested in a $65 million series B fundraising round for Taurus earlier this year.
Taurus offers enterprise-grade infrastructure for issuing, managing custody, and trading various digital assets such as cryptocurrencies, tokenized assets, and nonfungible tokens (NFTs). The partnership between Deutsche Bank and Taurus underwent a thorough due diligence process, as confirmed by Taurus co-founder Lamine Brahimiaurus:
“It started, end of 2021 and ended somewhere in 2022. We won the deal a couple of quarters ago.”
Deutsche Bank has been planning to enter the cryptocurrency space for the past three years. In June 2023, the bank applied for a digital asset custody license from Germany’s financial regulator BaFin. This move aligns with the bank’s goal of offering its customers access to cryptocurrency markets and assets.
The partnership between Deutsche Bank and Taurus is global in scope, with Taurus providing custody and tokenization technology in compliance with local regulatory requirements. Deutsche Bank’s global securities services head, Paul Maley, emphasized that the cryptocurrency space is expected to grow to trillions of dollars of assets and will become a priority for investors and institutions.
Furthermore, Deutsche Bank’s asset management arm, DWS Group, has been in discussions to invest in two different German-based cryptocurrency firms. This includes Deutsche Digital Assets, a crypto exchange-traded product provider, and Tradias, a market maker platform.
In a proof-of-concept called Project DAMA (Digital Assets Management Access), Deutsche Bank Singapore and Memento Blockchain completed a trial that allows for the management of digital funds in tokenized securities. This project reflects Deutsche Bank’s ongoing efforts to explore innovative solutions in the blockchain and digital asset space.
Taurus, founded in Switzerland in 2018, raised $65 million in its series B funding round. noteworthily, Credit Suisse led the funding round, with participation from Deutsche Bank and Arab Bank Switzerland, indicating significant interest from traditional finance banks. Taurus’s primary aim is to serve “tier 1” banks in Europe, and it currently serves close to 30 banks, offering services beyond cryptocurrencies to include tokenization of equity, debt, and other products.
With this partnership, Deutsche Bank is positioning itself to meet the growing demand for cryptocurrency services from its customers. The collaboration with Taurus will provide Deutsche Bank customers with secure and reliable cryptocurrency custody options and facilitate their access to the evolving digital asset market.
In conclusion, Deutsche Bank’s partnership with Taurus reinforces the bank’s commitment to embracing the cryptocurrency industry. By offering cryptocurrency custody options, Deutsche Bank aims to meet the needs of its customers and capitalize on the growing popularity of digital assets.
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