Deutsche Bank partners with Swiss firm Taurus to offer digital asset services

On Sep. 14, Deutsche Bank, an international financial institution headquartered in Germany, divulged its strategic foray into crypto and blockchain technology after collaborating with Taurus, a Swiss enterprise with expertise in multiple domains—ranging from the issuance of digital currencies to the secure custody and trading of tokenized assets and non-fungible tokens (NFTs).

Paul Maley, the head of Deutsche Bank’s securities services, stated that this move aligns with the growing demand for digital financial products among their clients.

Initially, Deutsche Bank aims to provide custody services for selected crypto and certain stablecoins, specifically targeting corporate and institutional clients in their home market regions.

However, Maley did not elaborate on which specific assets would be included in this service.

In addition to digital asset custody, Deutsche Bank plans to tokenize traditional financial securities.

This move is emblematic of a wider industry consensus that views the tokenization of assets as an inevitable progression in the modernization of financial systems.

Other financial institutions, such as JP Morgan, Goldman Sachs, and Franklin Templeton, are conducting research into the potential of asset tokenization.

The partnership with Taurus isn’t Deutsche Bank’s first venture.

The bank participated in a $65 million funding round for Taurus in February, led by Credit Suisse, another traditional finance giant before its impending crisis earlier in March 2023.

Furthermore, Deutsche Bank has previously applied to Germany’s financial regulator for permission to offer crypto custody services.

The latest collaboration is seen as a continuation of Deutsche Bank’s initiatives, which were outlined in a December 2020 report by the World Economic Forum’s(WEF) Global Future Council on Cryptocurrencies.

The bank’s long-term vision includes developing a custody platform for institutional clients to bridge the gap between digital and traditional assets.

This platform aims to manage a wide range of digital and fiat holdings in a unified manner, allowing clients to access these assets through secure, insurance-grade hot or cold storage solutions.

Lamine Brahimi, co-founder of Taurus, expressed enthusiasm for the global partnership, stating that Taurus looks forward to assisting Deutsche Bank in the launch of various digital assets and blockchain-based products and services.


Follow Us on Google News

CryptoX Portal

Spread the love

Related posts

Leave a Comment