Deutsche Bank, a prominent German financial institution, has taken a significant step into the crypto realm by partnering with Taurus, a leading cryptocurrency infrastructure platform.
A Fruitful Investment
Earlier in February 2023, Deutsche Bank was among the few elite companies that invested in Taurus’s $65 million Series B fundraising round. Taurus stands out for its enterprise-grade solutions, offering services ranging from cryptocurrency management, tokenized assets, NFTs, to other digital assets.
The Journey to Partnership
Taurus co-founder, Lamine Brahimiaurus, shed light on the meticulous due diligence process that took place between the two giants. Initiated in late 2021, the discussions culminated in 2022, with Taurus emerging as the chosen partner.
Deutsche Bank’s Crypto Ambitions
Deutsche Bank isn’t new to the crypto scene. Over the past three years, they’ve been strategizing to offer cryptocurrency custody and trading services. Their commitment was evident when they applied for a digital asset custody license from Germany’s BaFin in June 2023.
Global Scope and Local Compliance
The partnership isn’t limited to a specific region. Taurus will be offering its services globally, ensuring compliance with local regulations.
The Growing Crypto Space
Paul Maley, the head of global securities services at Deutsche Bank, emphasized the potential of the crypto market. He envisions it growing into a trillion-dollar industry, attracting both individual investors and institutions.
Other Ventures and Collaborations
Deutsche Bank’s interest in crypto isn’t limited to Taurus. Their asset management division, DWS Group, has been in talks with German crypto firms, including Deutsche Digital Assets and Tradias. Additionally, a collaboration between Deutsche Bank Singapore and Memento Blockchain resulted in Project DAMA, focusing on tokenized securities.
Taurus’s Impressive Track Record
Founded in 2018 in Switzerland, Taurus’s Series B round saw participation from giants like Credit Suisse and Arab Bank Switzerland. Their goal? To cater to Europe’s “tier 1” banks. Currently, Taurus serves nearly 30 banks, offering services that extend beyond just cryptocurrencies.
