According to CryptoPotato, Deutsche Bank has signed a global partnership agreement with Swiss startup Taurus to establish digital asset custody and tokenization services for its clients. With total assets exceeding $1.4 trillion, the German financial giant plans to utilize Taurus' technology to manage cryptocurrencies, tokenized assets, and digital currencies.
Taurus co-founder Lamine Brahimi stated that the partnership is the result of a thorough selection and due diligence process, during which the fintech startup demonstrated the quality and breadth of its products and technology. The collaboration comes after Deutsche Bank's participation in Taurus' $65 million Series B funding round in February, alongside Credit Suisse, Pictet Group, and Arab Bank Switzerland. The main goal of the fundraiser is to expand operations across Europe and the United Arab Emirates, with a later focus on the Americas and Southeast Asia.
Deutsche Bank has been seeking to launch digital asset custody since late 2020 and applied with the German financial regulatory authority, the Federal Financial Supervisory Authority (BaFin), to set up its digital assets and custody business in June.