Deutsche Bank Partners with Taurus to Offer Cryptocurrency Custody Services
In a strategic move to cater to the increasing demand from institutional investors, Deutsche Bank has announced a groundbreaking partnership with Taurus, a cryptocurrency infrastructure platform. This collaboration aims to provide customers with secure cryptocurrency custody options, marking a significant milestone in the evolution of traditional banking and the crypto market.
Deutsche Bank’s decision to enter the cryptocurrency custody space follows its participation in a substantial $65 million Series B fundraising round for Taurus in February 2023. Taurus, a respected player in the blockchain and cryptocurrency industry, specializes in offering enterprise-grade infrastructure for issuing, managing custody, and trading a wide range of digital assets, including cryptocurrencies, tokenized assets, and non-fungible tokens (NFTs).
Lamine Brahimi, co-founder of Taurus, revealed that the partnership underwent an extensive due diligence process, lasting from late 2021 until mid-2022. The successful conclusion of this rigorous assessment led to Deutsche Bank’s decision to utilize Taurus’ infrastructure services. Brahimi stated, “We won the deal a couple of quarters ago,” underlining the significance of this collaboration.
While Deutsche Bank clarifies that cryptocurrency trading is not currently part of its immediate plans, the bank aims to meet the growing demand from institutional investors for reliable crypto custodial solutions. Through its partnership with Taurus, Deutsche Bank will offer customers the ability to securely store and manage a small amount of cryptocurrencies, reassuring clients concerned about the safety and management of their digital assets.
This move by Deutsche Bank is motivated by the desire to alleviate fears surrounding cryptocurrency investments among its institutional customers. By providing access to a dependable system for the custody of digital assets, Deutsche Bank intends to position itself as a trusted partner in the rapidly evolving world of cryptocurrencies.
The synergy between Taurus’s expertise in blockchain technology and cryptocurrency infrastructure and Deutsche Bank’s long-standing financial prowess is expected to set new industry standards in the cryptocurrency custody market. This partnership represents a bridge between traditional banking and the digital asset ecosystem, offering institutional investors a robust and secure platform for cryptocurrency custody.
In a financial landscape that is continually evolving, Deutsche Bank’s foray into the cryptocurrency custody market signals a recognition of the growing importance of digital assets in the global financial ecosystem. With Taurus by its side, Deutsche Bank is well-equipped to address the unique needs of institutional investors seeking safe and reliable cryptocurrency custody solutions, further blurring the lines between traditional finance and the digital frontier.
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