In a remarkable move to enhance its portfolio of services, Deutsche Bank, a leading global financial entity, has aligned with Taurus, a renowned cryptocurrency infrastructure platform based in Switzerland. This partnership, a significant outcome of a $65 million Series B financing round that took place in February 2023, paves the way for Deutsche Bank to offer cryptocurrency custody services to its clients worldwide. Established in 2018, Taurus has carved a niche for itself by providing enterprise-grade solutions to manage and trade a wide range of digital assets, including cryptocurrencies, tokenized assets, and non-fungible tokens.
The Origins and Future Perspectives of the Partnership
Delving deeper into the nuances of this collaboration, Taurus co-founder Lamine Brahimi revealed that the agreement followed a meticulous due diligence process spanning from late 2021 to somewhere in 2022. The synergy aligns perfectly with Deutsche Bank’s three-year plan to strengthen its cryptocurrency custody and trading services, a vision that is gradually taking shape with the recent application for a digital asset custody license in June 2023 to the German Federal Financial Supervisory Authority.
DAMA Project: A Leap towards Managing Tokenized Securities
Adding another feather to its cap, Deutsche Bank Singapore, in collaboration with Memento Blockchain, has launched the DAMA (Digital Assets Management Access) Project, a proof-of-concept initiative facilitating agile management of digital funds in tokenized securities. This endeavor complements Deutsche Bank’s aspiration to cater to the growing interest of investors and institutions in the field of cryptocurrencies, which is expected to swell into trillions of dollars, as hinted by the bank’s Head of Global Securities Services, Paul Maley.
