Deutsche Bank, one of the leading financial institutions in the world, will integrate Swiss crypto firm Taurus’ digital asset custody and tokenization services for its clients, according to a Sept. 14 statement shared with CryptoSlate.
Per the statement, the partnership between both entities extends Deutsche Bank’s recent digital asset-focused initiatives, including its recent application for a cryptocurrency custodial services license in Germany and its participation in a proof of concept tokenization platform called Project DAMA in Singapore.
Deutsche Bank is the largest bank in Germany and ninth-largest in Europe, overseeing approximately $1.3 trillion in assets, as per S&P Global data.
Deutsche Bank’s global head of securities services, Paul Maley, stated:
“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.”
On the other hand, Taurus co-founder Lamine Brahimi said the crypto firm was looking forward to “supporting the bank in launching digital assets and DLT-based products and services across several booking centers.”
Meanwhile, the new partnership is not the first time both companies will interact. According to the press statement, Deutsche Bank participated in Taurus’ $65 million Series B funding round alongside Credit Suisse, Pictet Group, and Arab Bank Switzerland. At the time, the platform stated that the raised funds would accelerate its technology sales expansion with new offices in Europe, UAE, the Americas, and South-East Asia.
Other top financial institutions like BlackRock, Franklin Templeton, and others have also shown interest in the crypto scene by filing applications for a spot Bitcoin exchange-tarded fund with the U.S. Securities and Exchange Commission.
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