Deutsche Bank has partnered with Swiss crypto firm Taurus to provide custody services for institutional clients’ cryptocurrencies and tokenised assets, Taurus said in a press release. The partnership means Deutsche Bank will, for the first time, be able to hold a limited number of cryptocurrencies for its clients, as well as tokenised versions of traditional financial assets.
Taurus SA, a major digital asset technology provider, has signed a global partnership agreement with Deutsche Bank, one of the world’s leading financial services providers. As part of the collaboration, Deutsche Bank will integrate Taurus’ market-leading technology to establish digital asset custody and tokenization services.
“This partnership is the result of a thorough and detailed selection and due diligence process where Taurus was able to demonstrate the quality and breadth of its products and technology,” said Taurus co-founder Lamine Brahimi. “We are pleased to implement this global partnership with Deutsche Bank and look forward to supporting the bank in launching digital assets and DLT-based products and services across several booking centers.”
Founded in 2018, Taurus provides enterprise-grade digital asset infrastructure to issue, custody, and trade digital assets, such as cryptocurrencies, tokenized assets, NFTs, and digital currencies. As such, this partnership is a natural extension of recent Deutsche Bank’s digital asset focused initiatives.
“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike. As such, custodians must start adapting to support their clients,” said Paul Maley, Global Head of Securities Services. “This is why we are excited to partner with Taurus, a leading digital asset infrastructure provider with a proven track record and extensive expertise in the crypto and tokenization space.”
Earlier this year, Deutsche Bank also participated in Taurus’ $65 million Series B funding round alongside Credit Suisse, Pictet Group, and Arab Bank Switzerland.
Various banks, including Standard Chartered, BNY Mellon and Societe Generale, offer crypto custody services.
The crypto market is worth around $1.1 trillion, down from a peak just above $3 trillion in November 2021, according to CoinGecko data.
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