Deutsche Bank AG has solidified its collaboration with the Swiss crypto technology firm Taurus SA, taking a significant step toward the launch of its digital asset custody service.
Taurus SA’s advanced technology plays a pivotal role for Deutsche Bank, enabling the institution to provide custody and tokenization services, aligning seamlessly with its previously disclosed plans to enter the digital custody sphere.
Paul Maley, the global head of securities services at Deutsche Bank, had alluded to this partnership in an earlier interview with Bloomberg News, emphasizing the growing importance of the digital asset sector and its potential to oversee trillions of dollars in assets. He underlined the imperative for custodians to adapt and cater to this surging demand.
Notably, earlier this year, Deutsche Bank demonstrated its commitment to the digital asset realm by participating in a $65 million funding round for Taurus.
According to Maley, the bank’s initial focus will be on providing crypto custody services for a curated selection of cryptocurrencies and stablecoins. However, he anticipates the most substantial growth in tokenized financial assets.
Deutsche Bank laid the foundation for its foray into the crypto landscape by applying for a crypto custody license from Bafin, the German regulator, in June.
This strategic partnership with Taurus SA is a pivotal milestone in the bank’s journey toward offering a comprehensive suite of digital asset services.
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