Deutsche Bank Partners With Taurus To Offer Global Crypto Custody Services
Deutsche Bank joins forces with Swiss crypto firm Taurus to deliver custody services catering to institutional clients' cryptocurrencies and tokenised assets.
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Deutsche Bank, Germany's largest financial institution, has partnered with Taurus, a Swiss startup specialising in crypto security and tokenisation. The decision to join forces with Taurus follows Deutsche Bank's pursuit of a crypto custody license from the Federal Financial Supervisory Authority (BaFin), the German financial regulatory authority.
Taurus specialises in providing enterprise-grade infrastructure for crypto issuance, custody management, and trading, covering cryptos, tokenised assets and nonfungible tokens (NFTs).
Deutsche Bank has been closely monitoring the crypto landscape for several years, expressing its intentions to offer its customers crypto custody and trading services. In June 2023, the bank took a significant step by applying for a digital asset custody license from BaFin, Germany's financial regulatory body.
Deutsche Bank's significant investment in Taurus earlier this year, as part of a $65 million Series B funding round alongside Credit Suisse, Arab Bank Switzerland, and Pictet Group, played a pivotal role in shaping this alliance.
While the collaboration revolves around cryptos, Paul Maley, Deutsche Bank's global head of securities services, confirmed their intention to extend their offerings to tokenised financial assets. Initially, the bank plans to provide custody services for selected cryptos and stablecoins, foreseeing substantial activity in these segments, said Maley. Maley also acknowledged the importance of regulatory clarity in Europe and Asia as a catalyst for their expansion into this domain.
