Deutsche Bank Teams Up with Taurus for Managing Crypto and Digital Assets
In Brief
Deutsche Bank is collaborating with Taurus to oversee crypto, tokenized assets, and digital currencies.
Germany’s leading finance establishment Deutsche Bank announced a partnership with the Swiss startup Taurus to offer services in digital asset custody and tokenization.
Deutsche Bank revealed its ambitions in crypto custody back in 2021 with a report from the World Economic Forum. Recently, the bank has sought a crypto custody license from BaFin, Germany’s financial regulatory authority, highlighting its commitment to exploring the digital assets landscape.
Regulatory frameworks, including Germany’s crypto custody regulations and Europe’s impending Markets in Crypto-Assets (MiCA) rule, offer traditional financial institutions critical guidance to navigate this dynamic market.
Strategic Investment by Deutsche Bank in Taurus
Deutsche Bank's relationship with Taurus extends beyond mere collaboration; it also has a stake in the company. Earlier this year, the bank participated in a Series B funding round for the Swiss firm, which raised $65 million, with contributions from other notable investors. Credit Suisse Lamine Brahimi, co-founder of Taurus, shared that Deutsche Bank began assessing potential crypto custody service providers in late 2021, leading to their collaboration decision in 2022. Arab Bank Switzerland and Pictet Group .
The partnership between Deutsche Bank and Taurus goes beyond just cryptocurrencies. Paul Maley, Deutsche Bank’s global head of securities services, mentioned that the initial stage will focus on custody solutions for particular cryptocurrencies and select stablecoins, though the long-term vision extends beyond these.
Deutsche Bank aims to tap into the growing trend of tokenized financial assets and provide asset servicing where it can.
The alliance between Deutsche Bank and Taurus represents more than a simple business relationship. It marks the intersection between traditional financial services and innovative digital asset technologies. As Deutsche Bank engages in this new digital assets frontier, it raises questions about the potential shift in the banking sector and financial ecosystems.
A New Age of Financial Assets?
Will other traditional banks take similar steps? Could we see a swift acceptance of digital assets, moving from speculation to becoming core elements in corporate and institutional financial strategies? The future will reveal the answers.
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Disclaimer
In line with the Trust Project guidelines Nik is a seasoned analyst and writer at Metaverse Post, offering cutting-edge insights into the rapidly evolving tech world, with a strong emphasis on AI/ML, XR, VR, blockchain analytics, and development. His articles aim to engage a wide audience and keep them ahead of technological advancements. With a Master's degree in Economics and Management, Nik has a solid understanding of the business landscape and its intersection with emerging technologies.
