Deutsche Bank partners Swiss startup Taurus to offer crypto custody

Deutsche Bank, Germany’s largest bank with over €1.3 trillion in assets, has announced a global partnership with Taurus, a Swiss-based digital assets infrastructure startup.

The collaboration will see the banking giant tap into the fintech startup’s technology to offer crypto custody and tokenization services.

We’re pleased to announce that Deutsche Bank has entered a global agreement with Taurus! 🤝Deutsche Bank will leverage Taurus custody and tokenization technology to manage cryptocurrencies, tokenized assets, and digital currencies.https://t.co/HRJx76NvWt pic.twitter.com/EhTB3gsJgF

— Taurus (@taurus_hq) September 14, 2023

Deutsche Bank eyes growing crypto market

According to details Taurus published in a blog release on Thursday, the partnership between the two companies comes after a “thorough and detailed selection and due diligence process.” The startup, which established its business in 2018, offers enterprise-grade crypto infrastructure for the issuance, custody, and trading of digital assets, including cryptocurrencies, tokenized assets, and NFTs.

Taurus co-founder Lamine Brahimi said his company had demonstrated its capabilities via the quality of its products and technology. These, he noted in a statement, will be key to Deutsche Bank’s efforts to bring digital assets and tokenization to its clients.

Paul Maley, Global Head of Securities Services at Deutsche Bank, said:

“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. 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.”

The bank plans to launch these products and services to millions of its customers across multiple booking centers. This comes as Deutsche Bank continues to expand its digital asset footprint, which includes the investment in Taurus’ $65 million Series B round in February. The round attracted the participation of major players like Credit Suisse, Pictet Group, and Arab Bank Switzerland.

Deutsche Bank applied for a crypto custody license from German market regulator BaFin in June.