German financial giant Deutsche Bank has announced a global partnership agreement with Swiss startup Taurus to establish digital asset custody and tokenization services for its clients.
Deutsche Bank, with total assets exceeding $1.4 trillion, plans to utilize Taurus’ custody and tokenization technology to manage cryptocurrencies, tokenized assets, and digital currencies.
- Taurus co-founder Lamine Brahimi stated that the partnership was the result of a thorough selection and due diligence process, where the fintech startup demonstrated the quality and breadth of its products and technology.
“We are pleased to implement this global partnership with Deutsche Bank and look forward to supporting the bank in launching digital assets and DLT-based products and services across several booking centers.”
- This collaboration comes after Deutsche Bank participated in Taurus’ $65 million Series B funding round in February, alongside Credit Suisse, Pictet Group, and Arab Bank Switzerland.
- The primary objective of the fundraiser is to expand operations across Europe and the United Arab Emirates (UAE), with future focus on the Americas and South-East Asia.
- Deutsche Bank has been striving to launch digital asset custody since late 2020.
- In line with this goal, the bank applied to the German financial regulatory authority, the Federal Financial Supervisory Authority (BaFin), in June to establish its “digital assets and custody business”.