Following the German bank's investment in Taurus, the two firms will now work on crypto custody services.
Deutsche Bank has inked a partnership deal with Taurus, a leading cryptocurrency infrastructure platform.
The collaboration will enable Deutsche Bank to offer robust crypto custody and tokenization services to its global clientele.
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After participating in Taurus's Series B fundraising round, which amassed $65 million in February 2023, Deutsche Bank has now opted for Taurus's infrastructure services to manage custody and trading for digital assets, including cryptocurrencies and non-fungible tokens (NFTs).
Lamine Brahimiaurus, co-founder of Taurus, confirmed that the collaboration followed a meticulous due diligence process that stretched from the end of 2021 into 2022.
Deutsche Bank has long been mulling over the integration of cryptocurrency services. In June 2023, the financial institution applied for a digital asset custody license from Germany's regulatory body, BaFin.
According to Paul Maley, Deutsche Bank's Global Securities Services Head, the cryptocurrency market is poised for monumental growth, expected to run into trillions of dollars and attract significant attention from investors.
Deutsche Bank had been exploring other cryptocurrency ventures as well. DWS Group, Deutsche Bank's asset management division, had been in talks to invest in two German cryptocurrency companies, Deutsche Digital Assets and Tradias.
Founded in 2018, Taurus aims to extend its services to major European banks and currently collaborates with nearly 30 banks, offering services beyond cryptocurrencies to include other forms of asset tokenization.
With this partnership, Deutsche Bank is cementing its commitment to the cryptocurrency sector by offering its customers secure and regulated crypto custody services, leveraging Taurus's state-of-the-art infrastructure. The collaboration represents a significant milestone for both entities and has the potential to reshape how traditional financial institutions interact with digital assets.
