Institutional Developments in the Crypto Ecosystem

DBS Group Holding continues its efforts to become the epicenter of digital assets for China. It reported that it has applied for a license to offer cryptocurrency services to customers in the Hong Kong region. DBS CEO Sebastian Paredes said:

“We are considering applying for a license in Hong Kong so that the bank can sell digital assets by Hong Kong customers.”

Hong Kong continues to work in all areas related to digital assets. Financial secretary Paul Chan stated that efforts are underway to make the city the epicenter of crypto.

Investment in digital asset firm from Credit Suisse and Deutsche Bank

Credit Suisse became the top funder in the $65 million investment round received by digital asset infrastructure provider Taurus. Credit Suisse wasn’t the only one in Taurus’ Series B investment round. Deutsche Bank, Germany’s largest bank in terms of assets held, and Switzerland-based Pictet Group with its 218-year history were also among the large companies that participated in the investment tour. Lebanese Cedar Mundi Ventures, Arab Bank and Swiss real estate giant Switzerland and Investis were also among the investing companies.

In the statement made by Taurus, it was stated that Swiss financial regulator FINMA also approved the investment round. In the statement made by the founders of the company, it was also noted that this investment round did not cause any change in the share ratios. “This was just an investment round for minority shares,” said co-founder Sebastien Dessimoz. Dessimoz also said that they want to increase the number of company employees from 60 to 100 this year and that they plan to grow. A spokesperson for Credit Suisse said that the reason for the investment was Taurus’ experience in both tokenization and custody services. The spokesperson also informed that Credit Suisse has been a Taurus customer for two years.