Deutsche bank has enlisted the support of Swiss crypto infrastructure firm Taurus to manage cryptocurrencies, tokenized assets, and digital currencies on behalf of its institutional clients.
Deutsche Bank in June signalled its intention to push into the crypto sector when it applied for regulatory approval to operate a custody service for digital assets, including cryptocurrencies.
This was preceded by its participation in February in a $65 million Series B funding round in Taurus, alongside Credit Suisse Pictet group and Arab Bank Switzerland.
Founded in 2018, Taurus provides enterprise-grade digital asset infrastructure to issue, custody, and trade digital assets, such as cryptocurrencies, tokenized assets, NFTs, and digital currencies.
As part of the collaboration, Deutsche Bank will integrate Taurus’ technology to establish digital asset custody and tokenization services.
“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike. As such, custodians must start adapting to support their clients,” says Paul Maley, global head of securities services. “This is why we are excited to partner with Taurus, a leading digital asset infrastructure provider with a proven track record and extensive expertise in the crypto and tokenization space.”