Deutsche Bank taps Taurus for global crypto custody services
The German bank was one of a handful of company’s to invest in a $65 million, series B fundraising round for Taurus in Feb. 2023. The company offers enterprise-grade infrastructure to issue, manage custody and trade cryptocurrencies, tokenized assets, nonfungible tokens (NFTs) and other digital assets.
According to Taurus co-founder Lamine Brahimiaurus, the partnership underwent a "thorough and very detailed" due diligence process before the German bank decided to use its infrastructure services:
As Cointelegraph previously reported, Deutsche Bank has been brewing plans to offer cryptocurrency custody and trading services to its clients over the past three years. The bank most recently applied for a digital asset custody license from Germany’s financial regulator BaFin in June 2023, as it continues plans to offer its customers access to cryptocurrency markets and assets.
Brahimiaurus confirmed that the agreement is global in scope, with Taurus providing custody and tokenization technology in line with local regulatory requirements.
Announcing the partnership, Deutsche Bank global securities services head Paul Maley said that cryptocurrency space is expected to grow to trillions of dollars of assets and is likely to become a priority for investors and institutions.
Meanwhile Deutsche Bank’s asset management arm DWS Group had reportedly been in discussions to invest in two different German-based cryptocurrency firms in Feb. 2023. This included crypto exchange-traded product provider Deutsche Digital Assets and market maker platform Tradias.
Deutsche Bank Singapore and Memento Blockchain recently completed a proof-of-concept called Project DAMA (Digital Assets Management Access) which allows for the management of digital funds
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