The German bank was one of a handful of companies that invested $65 million in Series B funding for Taurus in February 2023. The company provides enterprise-grade infrastructure to issue, manage custody and trade cryptocurrencies, tokenized assets, non-fungible tokens (NFTs) and other digital assets.
Taurus co-founder Lamine Brahimiaurus said the partnership went through a “thorough and very detailed” due diligence process before the German bank decided to use its infrastructure services:
“It starts in late 2021 and ends sometime in 2022. We won the deal a few quarters ago.”
As Cointelegraph previously reported, Deutsche Bank has been brewing plans to offer cryptocurrency custody and trading services to clients for the past three years. The bank recently applied for a digital asset custody license from German financial regulator BaFin in June 2023, continuing plans to provide customers with access to cryptocurrency markets and assets.
Brahimiaurus confirmed that the protocol is global and Taurus will provide custody and tokenization technology that complies with local regulatory requirements.
Announcing the partnership, Paul Maley, head of global securities services at Deutsche Bank, said the cryptocurrency space is expected to grow to trillions of dollars in assets and could become a priority for investors and institutions.
Meanwhile, Deutsche Bank’s asset management arm DWS Group has reportedly been discussing investing in two different German cryptocurrency companies in February 2023. These include cryptocurrency exchange-traded products provider Deutsche Digital Assets and market-making platform Tradias.
Deutsche Bank Singapore and Memento Blockchain recently completed a proof-of-concept called Project DAMA (Digital Asset Management Access), which allows the management of digital funds in tokenized securities.
Taurus was founded in Switzerland in 2018 B series The funding round was led by Credit Suisse and also included investors including Deutsche Bank and Swiss Arab Bank, indicating strong interest from traditional financial banks.
The announcement of the Series B funding round also clearly outlines Taurus’ goal of serving Europe’s “tier 1” banks. Brahimiaurus also told Cointelegraph that the platform serves nearly 30 banks and that most transactions “go beyond cryptocurrencies” and include the tokenization of equity, debt and other products.
Deutsche Bank will offer clients cryptocurrency custody options through a partnership with cryptocurrency infrastructure platform Taurus.
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