Through the partnership with digital asset service provider Taurus, Deutsche Bank is going to offer its customers cryptocurrency custody options
On Thursday, Sept. 14, cryptocurrency infrastructure platform Taurus announced its global partnership with German Deutsche Bank. One of the important collaboration outcomes is that the bank will integrate Taurus technology to provide digital asset custody and tokenization services.
The bank was one of the investors supporting Taurus in its $65 million Series B fundraising round that took place in February 2023. Next, a “detailed selection and due diligence process where Taurus was able to demonstrate the quality and breadth of its products and technology” followed, said Taurus co-founder Lamine Brahimi.
Taurus’s enterprise-grade digital asset infrastructure enables financial institutions to issue, custody, and trade digital assets, such as cryptocurrencies, tokenized assets, NFTs, and digital currencies. The company’s product portfolio includes a crypto storage solution, a tokenization platform for public and private blockchains, a regulated marketplace for digital assets, and a blockchain node infrastructure Taurus-Explorer, which provides a unified API and reliable broadcasting algorithms.
In 2020, it was reported that Deutsche Bank planned to develop a fully integrated crypto and fiat custody platform for institutional clients. According to the plan, it was supposed to serve as a secure bridge between digital assets and a customer’s traditional banking services.
The envisioned platform should be introduced in three stages:
- digital asset custody on behalf of institutional customers;
- crypto trading via a partnership with prime brokers;
- value-added services, e.g. taxation, staking, voting, crypto lending, and more.
The partnership with Taurus enables the first stage of the Deutsche Bank crypto-focused initiative. Paul Maley, the Global Head of Securities Services at Deutsche Bank assured that the institution was excited to partner with Taurus and leverage its extensive expertise in the crypto and tokenization space.
We have previously reported that Deutsche Bank was testing artificial intelligence (AI) tools to monitor unstructured data, such as communication through public channels, and identify potential signs of misconduct.
