Deutsche Bank announced partnering with Swiss fintech firm Taurus to offer custody services for digital assets. Taurus acknowledged that the agreement will enable Deutsche Bank to offer tokenization services in the wake of increased institutional interest.
Taurus is a Swiss fintech firm that offers enterprise-level crypto services. The firm announced partnering with Deutsche Bank in the latter’s quest to offer custodial services for digital assets. Deutsche Bank will leverage Taurus’ infrastructure to provide tokenization services to the customers.
Deutsche Bank Leverages Taurus Infrastructural Support for Custody Services
Taurus co-founder Lamine Brahimi expressed optimism in the agreement to offer infrastructural support to the Deutsche Bank as it unveils digital assets and tokenized (DLT-based) products. The managing partner lauded the decision to expand the scope to offer cryptocurrency-specific services into the Deutsche Bank’s portfolio.
Deutsche Bank’s executive for securities, Paul Maley, expressed optimism in further developing the tokenized economy. The executive added that the bank anticipates a forthcoming race by traditional assets replicating cash payments onboarding the on-chain platform.
Taurus revealed via a Thursday, September 14 tweet concluding a global agreement with Deutsche Bank. The latter will leverage Taurus custody and tokenization infrastructure toward managing cryptos alongside tokenizing conventional assets and digital currencies.
Maley acknowledged that the digital asset space edges closer to realizing trillions of dollars in primary and derivative assets. Such realization would see investors and institutions prioritize investment in the cryptocurrency ecosystem. The executive considers the uptake of digital assets investment and tokenization mandate custodians to adopt support for the clients.
Institutions Building Interest in Crypto-related Products
Brahmi admitted that though the crypto-related products are witnessing muted enthusiasm from investors, most institutions are expanding their scope into digital assets. As such, the institutions are undertaking behind-the-scenes preparations to embrace the digital assets.
Brahimi lauded the Taurus-Deutsche Bank agreement as indicative of growing institutional interest. It aligns with the procrypto analysts that eventually, nobody would resist onboarding the digital assets ecosystem and tokenization wagon. The executive is elated with Deutsche Bank’s pursuit of Taurus infrastructural technology as critical to developing digital asset adoption.
Brahimi recognized institutions’ concerns regarding the public perception of digital assets following the sudden FTX collapse in November 2022. He dismissed the perception as instilling fear worth freezing investment in the cryptocurrency sector. The executive observed that Deutsche Bank’s pursuit of custody and tokenization services would improve the trust that traditional financial institutions should have in crypto markets.
Cautious and Strategic Pursuit of Crypto Investments
Maley supported Brahimi’s pronouncement that the high-profile fallouts have hardly dampened investment in the digital assets space. However, the fallouts and sudden implosion witnessed in 2022 have ushered in a cautious investment culture with customers demanding highly regulated players.
Brahimi profiled Taurus as experienced in the full spectrum of finance by establishing financial services globally. Besides crypto banks, he indicated that Taurus works with online and systemic banks. He restated the company’s success in its Series B round, steered by Deutsche Bank and Credit Suisse, to realize $65 million at the onset of 2023.
The Swiss-based fintech firm revealed integrating Polygon in June. The integration would facilitate issuing, booking, and servicing tokenized assets running on the proof-of-stake network.
Meanwhile, Deutsche Bank is the leading bank in Germany, with assets under management approximating $1.3 trillion. The bank placed a bid for the digital custody license. The bank initiated the crypto asset custody project in 2020. The agreement with Taurus is set to expedite the custody services.
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