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- Deutsche Bank announces collaboration with Swiss fintech Taurus for digital asset custody and tokenization services.
- The partnership reflects a growing institutional interest in cryptocurrency and blockchain-based assets.
- Deutsche Bank, with $1.3 trillion in assets, strengthens its foothold in the digital asset domain, aiming to set a benchmark for institutional trust in the crypto world.
Deutsche Bank takes a significant step in digital transformation by joining forces with Taurus for robust crypto custody and tokenization, signaling stronger institutional trust in digital assets.
A Pioneering Move: Deutsche Bank’s Dive into Digital Assets
In a significant move, Deutsche Bank, Germany’s paramount financial institution, is diving deep into the realm of digital assets. In collaboration with Taurus—a leading Swiss fintech recognized for its enterprise-grade crypto services—Deutsche Bank will establish and offer advanced digital asset custody. But the partnership doesn’t stop there; using Taurus’ cutting-edge infrastructure, the bank aims to roll out tokenization services for its vast customer base, as revealed in a recent press release.
The Rationale: Why Now and Why Taurus?
Lamine Brahimi, the managing partner and co-founder of Taurus, expressed his enthusiasm about supporting Deutsche Bank in their digital asset endeavors. Meanwhile, Paul Maley, the Global Head of Securities for Deutsche Bank, emphasized the inevitable growth of the tokenized economy. With expectations of traditional assets and cash payments transitioning “on-chain”, the digital asset domain is projected to hold trillions, making it imperative for custodians to evolve in assisting their clients.
“Institutional Interest is Building”: Behind the Crypto Curtain
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Contrary to the prevalent tempered excitement about crypto-related offerings in the financial market, this partnership sheds light on an increasing institutional inclination towards the asset class. Brahimi’s insights point to a building momentum among institutions. For him, Deutsche Bank’s venture into digital assets is not just another business move; it’s a significant leap that could potentially boost digital asset adoption globally. Addressing concerns around trust in the crypto realm, especially after events like the FTX collapse, both Brahimi and Maley echoed sentiments that traditional financial giants like Deutsche Bank could fortify trust in the crypto ecosystem.
Taurus: A Rising Star in the Financial Tech Space
With a global footprint that spans four continents and ten countries, Taurus is no stranger to the financial world. Catering to a plethora of institutions, including systemic and online banks, their expertise and robust solutions have made them a go-to name in the sector. Their credibility was further bolstered when they secured a whopping $65 million in a Series B round, with contributions from big names like Credit Suisse and Deutsche Bank. Their recent integration with Polygon, enabling banks to seamlessly manage tokenized assets on the proof-of-stake network, adds another feather to their cap.
What’s Next for Deutsche Bank?
As Germany’s leading bank boasting $1.3 trillion assets under management, Deutsche Bank’s foray into digital assets was foreshadowed by their application for a digital custody license in their homeland. Rumors had been circulating about the bank’s intent on developing a crypto asset custody platform since 2020. With the official announcement of their collaboration with Taurus, they’ve made their intentions clear. According to Maley, the bank has already embarked on this new journey, actively working with Taurus as of now.
The partnership between Deutsche Bank and Taurus is more than just a business collaboration. It represents the growing intersection of traditional finance and digital assets, signaling a future where institutional trust and blockchain technology coalesce. As other traditional financial players observe, this could set the precedent for further integrations and collaborations, shaping the future of finance in the digital age.