Deutsche Bank, Germany's largest bank, is collaborating with Swiss digital asset firm Taurus to provide clients with crypto custody and tokenization services, marking a significant move into the cryptocurrency space. The partnership enables Deutsche Bank to offer custody for cryptocurrencies and tokenized traditional assets while clarifying that cryptocurrency trading is not in its immediate plans.
Deutsche Bank Collaborates With Taurus to Launch Crypto Custody and Tokenization Services
Deutsche Bank, Germany's largest bank, has entered into a partnership with Swiss digital asset firm Taurus to offer cryptocurrency custody and tokenization services. This collaboration marks a significant move by Deutsche Bank into the cryptocurrency space, allowing the bank to provide its clients with custody for cryptocurrencies and tokenized versions of traditional assets.
While this partnership provides Deutsche Bank with the capability to custody a limited number of cryptocurrencies and tokenized assets for its clients, the bank clarified that cryptocurrency trading is not part of its immediate plans.
Taurus, an enterprise-grade digital asset technology provider, offers a comprehensive digital asset infrastructure that enables the issuance, custody, and trading of various digital assets, including cryptocurrencies, tokenized assets, and non-fungible tokens (NFTs). Deutsche Bank's participation in Taurus' $65 million Series B funding round, led by Credit Suisse, reflects the bank's commitment to expanding its presence in the digital asset space.
Paul Maley, Global Head of Securities Services at Deutsche Bank, emphasized the significance of this move, stating that the digital asset space is expected to encompass trillions of dollars of assets, making it a top priority for investors and corporations. Maley stressed the importance of custodians adapting to meet the evolving needs of their clients in this rapidly growing industry.
Deutsche Bank's collaboration with Taurus follows a growing trend among major banks and financial institutions worldwide that are either already providing or considering offering cryptocurrency custody services to their customers. These institutions recognize the increasing importance of digital assets in the financial landscape and aim to meet the demand for secure and regulated cryptocurrency services.
(Kevin Helms, BVitcoin News, 2023)