Taurus, a company that offers digital asset infrastructure services to financial institutions in Europe, has raised $65 million in a funding round.
Credit Suisse led the Series B capital raise, with other institutional investors such as Deutsche Bank, Pictet Group, Cedar Mundi Ventures, Arab Bank Switzerland, and Investis also taking part in the funding round.
As per the announcement made on February 14, Taurus plans to use the $65 million raised in the funding round to strengthen its growth strategy in three key areas.
Firstly, the company will hire talented engineers to continue improving its platform. Secondly, it will expand its sales and customer success team to offer better infrastructure solutions and establish new offices in Europe, the UAE, and eventually in the Americas and Southeast Asia.
Lastly, Taurus will ensure that it maintains high standards of security, risk management, and compliance across all its product lines, processes, and organisations.
Taurus has formed alliances with more than 25 financial institutions and corporate customers in eight countries spanning three continents. Among Taurus's clients are financial institutions like Arab Bank Switzerland, CACEIS, Credit Suisse, Deutsche Bank, Pictet, Swissquote, and Vontobel.
Taurus believes that digitising private assets can lead to the digital asset industry surpassing a value of $10 trillion, and it sees significant potential in this area.
Taurus has already been involved in the tokenisation of 15 deals, partnering with issuers such as banks, asset managers, startups, and small and medium-sized enterprises in Switzerland and the European Union. Furthermore, a publicly-traded insurance company has selected Taurus to tokenise real assets.
Even though cryptos are experiencing a bear market, digital asset firms are still attracting investment to advance and improve the ecosystem.
On January 24, QuickNode, a blockchain development platform, completed a $60 million funding round to expand globally and onboard more users and developers to Web3 applications. The funding round, which valued QuickNode at $800 million, was led by 10T Holdings, a venture capital company, with involvement from Seven Seven Six, Tiger Global, and QED.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash