German Bank Joins $65 Million Fundraising Round
Deutsche Bank, one of Germany's largest banks, has invested in a $65 million fundraising round for Taurus, a leading cryptocurrency infrastructure platform. Taurus offers enterprise-grade infrastructure for issuing, managing custody, and trading cryptocurrencies, nonfungible tokens (NFTs), and other digital assets.
Thorough Due Diligence Process
The partnership between Deutsche Bank and Taurus underwent a rigorous due diligence process, with the German bank thoroughly examining Taurus's infrastructure services. The process began in late 2021 and concluded in 2022.
Expansion into Crypto Custody and Trading
Deutsche Bank has been planning to offer cryptocurrency custody and trading services for its clients for the past three years. In June 2023, the bank applied for a digital asset custody license from Germany's financial regulator as part of its ongoing efforts to provide customers with access to cryptocurrency markets and assets.
Global Partnership
The agreement between Deutsche Bank and Taurus is global in scope, with Taurus offering custody and tokenization technology in accordance with local regulatory requirements.
Cryptocurrency Space Expected to Grow
Deutsche Bank's global securities services head, Paul Maley, stated that the cryptocurrency industry is predicted to grow to trillions of dollars in assets and is likely to become a priority for investors and institutions.
Interest in German Crypto Firms
Deutsche Bank's asset management arm, DWS Group, has reportedly been in discussions to invest in two different German-based cryptocurrency firms. This includes Deutsche Digital Assets, a provider of crypto exchange-traded products, and Tradias, a market maker platform.
Taurus's Aim to Serve "Tier 1" Banks
Taurus, founded in Switzerland in 2018, aims to serve "tier 1" banks in Europe. The company's series B funding round was led by Credit Suisse and included Deutsche Bank and Arab Bank Switzerland among its investors. Taurus currently serves close to 30 banks, offering services beyond cryptocurrencies, such as tokenization of equity, debt, and other products.
Deutsche Bank's Collaboration with Memento Blockchain
Deutsche Bank Singapore and Memento Blockchain recently completed a proof-of-concept project called Project DAMA (Digital Assets Management Access), which enables the management of digital funds in tokenized securities.
As the cryptocurrency industry continues to expand, Deutsche Bank is positioning itself to provide customers with cryptocurrency custody options through its partnership with Taurus.
Source: The Guardian
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