Deutsche Bank Partners with Taurus to Manage Digital Assets
Deutsche Bank's Strategic Move into Digital Assets
Deutsche Bank, Germany's leading financial institution, has formed a strategic partnership with Swiss crypto infrastructure firm Taurus. This collaboration aims to empower Deutsche Bank to manage cryptocurrencies, tokenized assets, and digital currencies for institutional clients. Although crypto trading isn't in the immediate scope, the bank plans to hold a limited range of cryptocurrencies and tokenized financial assets.
Expanding into the Digital Asset Sector
The partnership marks a significant step in Deutsche Bank's journey to explore the digital asset sector. The bank applied for a crypto custody license from Germany's financial regulator, BaFin, in June. This move aligns with Deutsche Bank's broader ambition, first revealed in 2021, to develop digital asset custody solutions.
Integration with Taurus Technology
Through the partnership, Deutsche Bank will integrate Taurus's advanced technology to establish robust digital asset custody and tokenization services. Taurus, founded in 2018, is known for offering enterprise-grade infrastructure for issuing, storing, and trading digital assets, including cryptocurrencies, tokenized assets, NFTs, and digital currencies.
Embracing the Future of Finance
Paul Maley, Deutsche Bank's global head of securities services, emphasized the importance of adapting to the digital asset space, which is poised to grow significantly. The collaboration with Taurus will position Deutsche Bank as a prominent player in the digital asset market, leveraging Taurus's expertise and proven track record.
Funding and Due Diligence
Earlier in the year, Deutsche Bank demonstrated its commitment by participating in a $65 million Series B funding round for Taurus. This move followed a comprehensive due diligence process that began in 2021, ensuring that Deutsche Bank partnered with a reliable crypto custody firm.
A Cautious Yet Ambitious Approach
While the bank advances into digital assets, it remains cautious, adhering to regulatory standards. This approach ensures that the new offerings do not interfere with Deutsche Bank's existing operations, maintaining a sound risk management strategy.
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