According to Reuters, Deutsche Bank will provide cryptocurrency custody services to customers through a strategic alliance with Taurus, a blockchain infrastructure platform. The move comes after Deutsche Bank applied for a digital asset custody license from Germany's financial regulator, BaFin, in June.
Deutsche Bank also participated in Taurus' $65 million Series B funding round in February. The cooperation between the two parties will not be limited to a specific region but expand to many countries, and ensure compliance with regulations.
According to Paul Maley, Head of Global Securities Services at Deutsche Bank, the cryptocurrency market has the potential to grow and reach a value of trillions of dollars. The bank is ready to serve both individual and institutional investors in this sector.
The partnership is a testament to the traditional financial sector's readiness and acceptance of blockchain and cryptocurrency technology, opening up opportunities for development and progress in this field.
