German multinational investment bank Deutsche Bank has partnered with Switzerland-based crypto assets company Taurus SA to offer tokenization services and digital asset custody. Under the partnership, Deutsche Bank would be integrating Taurus’ flagship tokenization and custody technology for managing cryptocurrencies, tokenized assets, and other digital currencies.
The banking giant is considered to be Germany’s largest bank and manages assets worth over $1.4 trillion.
Deutsche Bank said the move was driven by the need to adapt to the growing potential of the digital asset industry.
The investment bank’s Global Head of Securities Services Paul Maley said as the sector grows encompassing assets worth trillions of dollars, digital assets are bound to go up the priority list of both corporations as well as investors.
Taurus SA provides enterprise-grade decentralized infrastructure to companies and was founded in 2018. The company caters to more than 25 international clients and helps them roll out and trade digital assets and operate marketplaces for tokenized securities and private assets.
Taurus co-founder Lamine Brahimi said the partnership was finalized after a process of thorough selection and due diligence where his company highlighted the scope and quality of its services and the technology backing them. He also said that the company looks forward to working with Deutsche Bank and helping it in issuing digital assets and other DLT-based products. These products and services will be rolled out across several booking centers, he added.
The partnership with Taurus isn’t the first one for the investment bank. Earlier in February this year, Deutsche Bank was a part of the $65 million funding round for Taurus. The Series B funding round was spearheaded by Credit Suisse. Taurus co-founder Sebastien Dessimoz had stated that the company would put the funding towards expanding its operations in international locations like the Americas, Southeast Asia, Paris, and Dubai. He has said the company also plans to add 40 more employees to its staff.
What’s more, is that the partnership comes closely after Deutsche Bank applied for a digital assets licence with BaFin – Germany’s financial regulator – earlier this year. If accepted, the licence would enable the bank to offer a custody service for digital assets, including cryptocurrencies. Market experts feel that the move could boost the popularity of the Top 10 cryptocurrencies in the European country.
According to reports, Deutsche Bank had been planning to roll out a digital asset custody service since 2020. The plan was in contrast to its stance on cryptocurrencies. In a research report released in 2020, the bank stated that Bitcoin was “too volatile” to become a “reliable” store of value.
In June this year, Taurus announced its integration with Polygon network. The move would pave the way for the integration of Polygon’s features into Taurus’ tokenization and custody offerings. With the partnership.
Experts stated that they are keenly tracking the market for any possible impact on live cryptocurrency prices of the new partnership between Taurus SA and Deutsche Bank.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
