Deutsche Bank Forms a Partnership with Taurus

Deutsche Bank, one of Germany’s largest financial institutions, made an agreement with Switzerland-based startup Taurus to provide crypto asset custody and management services.

In its previous statements, Deutsche Bank stated that the crypto asset custody service is among the company’s near-term plans. Accordingly, the financial institution received a crypto custody license from the German financial authority BaFin in recent months. On the other hand, MiCA, which is accepted within the borders of the European Union and is considered the most comprehensive crypto regulation worldwide, will also facilitate the entry of traditional financial institutions into the market. Because financial institutions are rushing to take their place in the sector as the crypto market becomes a safer environment with regulatory clarity.

Taurus, with which Deutsche Bank will cooperate, is also a venture in which the bank invests. The bank invested $65 million in Taurus in the financing round organized for the startup this year. Making a statement about the cooperation, Paul Maley, Head of Global Securities Services at Deutsche Bank, stated that they will offer cryptocurrency custody and fixed cryptocurrency services in the first stage, and that they will offer a wider range of services in the future. Within the framework of this vision, it is mentioned that the bank wants to provide services in the developing tokenized financial asset market.