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Deutsche Bank chooses Taurus for global crypto custody services

In February 2023, Deutsche Bank was among a small number of companies to invest in a $65 million Series B fundraising round for Taurus. The company offers institutional-grade infrastructure for the issuance, custody and trading of cryptocurrencies, tokenized assets, non-fungible tokens (NFTs) and other digital assets.
According to Taurus co-founder Lamine Brahimiaurus, the partnership went through an “extensive and very detailed” due diligence process before opting to use the German bank’s infrastructure services:

“It started in late 2021 and ended around 2022. We closed the deal a few quarters ago.”

As Cointelegraph previously reported, Deutsche Bank has been trading for the last three years plans to offer cryptocurrency custody and trading services to its customers. In June 2023, the bank continued its plan to offer its customers access to markets and crypto assets by applying for a digital asset custody license from German financial regulator BaFin.

Brahimiaurus confirmed that the agreement is global in scope and Taurus will provide custody and tokenization technology in accordance with local regulatory requirements.

Announcing the partnership, Deutsche Bank’s head of global securities services, Paul Maley, said that the cryptocurrency industry is growing. Assets expected to reach trillions of dollars and this will likely become a priority for investors and institutions.

Meanwhile, Deutsche Bank’s asset management arm, DWS Group, reported: started negotiations It will invest in two different German-based crypto companies in February 2023. These include exchange-traded products provider Deutsche Digital Assets and market-making platform Tradias.
Deutsche Bank Singapore and Memento Blockchain recently completed a proof of concept called Project DAMA (Digital Assets Management Access). management of digital funds in tokenized securities.
Founded in Switzerland in 2018 B Series tour Taurus was led by Credit Suisse, and there was also significant interest from traditional financial banks, with participation from Deutsche Bank and Arab Bank Switzerland.

The Series B round announcement also made clear Taurus’ goal of serving “tier 1” banks in Europe. Brahimiaurus also told Cointelegraph: The platform serves approximately 30 banksmost operations “go beyond cryptocurrencies” Tokenization of equity, debt and other products.

Deutsche Bank is preparing to offer digital asset storage options to its customers, thanks to the partnership with cryptocurrency infrastructure platform Taurus.
Translation by Walter Rizzo

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