- Deutsche Bank collaborates with Swiss startup Taurus to establish digital asset custody and tokenization services.
- Following its investment in Taurus, Deutsche Bank reveals its comprehensive vision for digital assets, including cryptocurrencies and stablecoins.
Deutsche Bank’s Crypto Ambitions Unfold with Taurus
In an ambitious leap into the digital asset realm, Deutsche Bank, Germany’s premier lender, has announced its collaboration with Taurus, a Swiss startup acclaimed for its expertise in cryptocurrency safekeeping. The strategic partnership aims to forge a path in digital asset custody and tokenization services.
A Regulatory Boost for Crypto Custodianship
Deutsche Bank isn’t new to the crypto landscape. It made headlines in early 2021 with a digital asset custody prototype, as mentioned in a report by the World Economic Forum. More recently, the bank pursued a crypto custody license from Germany’s financial watchdog, BaFin, in June 2023, cementing its intent to delve deep into this rapidly expanding sector.
The clarity offered by Germany’s introduction of crypto custody rules and, on a larger scale, Europe’s proposed Markets in Crypto-Assets regulation (MiCA) has proven instrumental. Such regulatory frameworks are empowering traditional financial entities to navigate and invest in the digital asset ecosystem.
Deutsche Bank’s association with Taurus isn’t limited to a partnership. The bank made a significant investment in the startup during its $65 million Series B round in February, an event graced by other influential names like Credit Suisse, Arab Bank Switzerland, and the Pictet Group. Reflecting on this association, Taurus co-founder Lamine Brahimi emphasized the in-depth due diligence Deutsche Bank performed on potential crypto custody firms, leading to their eventual collaboration.
Highlighting the scope and depth of their partnership, Brahimi noted,
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“While the initial focus is on cryptocurrencies, Taurus’s expertise goes beyond that. Deutsche Bank, wherever suitable, will harness the potential to tokenize assets and ensure proficient asset servicing.”
Elucidating Deutsche Bank’s digital vision, Paul Maley, the global head of securities services, conveyed their intent to deliver digital asset custody services for a plethora of digital asset types, targeting corporate and institutional clienteles. He stated,
“We’re launching with custody for select cryptocurrencies and certain stablecoins. We envision the initial activities to center around these chosen assets. However, the broader perspective sees immense potential in the rise of tokenized financial assets.”
Addressing the variances in global crypto regulations, Maley shed light on the clear-cut regulations available outside the U.S., particularly highlighting Europe and Asia’s role in granting market participants enhanced clarity.
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