German financial giant Deutsche Bank announced signing a global partnership agreement with Swiss startup Taurus to establish digital asset custody and tokenization services for its clients.
According to the official announcement, Deutsche Bank, boasting a total assets exceeding $1.4 trillion, plans to tap Taurus’ custody and tokenization technology to manage cryptocurrencies, tokenized assets, and digital currencies.
- In a statement, Taurus co-founder Lamine Brahimi said the partnership is the result of a thorough and detailed selection and due diligence process where the fintech startup was “able to demonstrate 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.”
- The collaboration follows Deutsche Bank’s participation in Taurus’ $65 million Series B funding round in February alongside Credit Suisse, Pictet Group, and Arab Bank Switzerland.
- The main aim of the fundraiser is to expand its operations across Europe and the United Arab Emirates (UAE) and later focus on the Americas and South-East Asia.
- Deutsche Bank has been seeking to launch digital asset custody since late 2020.
- In line with this objective, the bank applied with the German financial regulatory authority, the Federal Financial Supervisory Authority (BaFin), to set up its “digital assets and custody business” in June.