Deutsche Bank Announces Strategic Partnership with Taurus to Offer Crypto Custody Services
Deutsche Bank with about €1.3 trillion in assets under management will leverage the Taurus tokenization to manage customers’ digital assets.
Germany’s leading banking institution for over 150 years Deutsche Bank AG (NYSE: DB) has announced a strategic partnership with Taurus SA to provide crypto asset custody services to its global customers. According to the announcement, the two institutions will collaborate to provide tokenization services in addition to digital asset custody. Following the announcement, Bitcoin price and the entire crypto market edged about 2 percent higher in the past 24 hours to trade around $26.6k during the early Asian session on Friday.
Deutsche Bank, a financial institution that has been designated a global systemically important bank by the Financial Stability Board for over a decade, will be providing digital asset custody in markets that have a clear crypto regulatory framework. Notably, the bank will focus on the European, and Asian markets as the United States continues to debate on the way forward.
To begin with, Deutsche Bank is expected to offer crypto custody services for Bitcoin, Ethereum, and some stablecoins, with many more expected to be added in the future through demand-based policies.
“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike. As such, custodians must start adapting to support their clients,” said Paul Maley, Global Head of Securities Services. “This is why we are excited to partner with Taurus, a leading digital asset infrastructure provider with a proven track record and extensive expertise in the crypto and tokenization space.”
Deutsche Bank’s Entrance to Crypto Market via Taurus
The European market has enacted several policies to ensure the safe adoption of digital assets and blockchain technology. Germany in particular has set an example to other leading global economies by allowing its corporations to invest part of their balance sheet in digital assets. The integration of Deutsche Bank into Taurus was both technical and strategic as the tech startup has been in existence since 2018, and attracted major investors over the years. For instance, Taurus closed its series B funding round earlier this year with $65 million led by Credit Suisse and crucial participation from Deutsche Banks.
“This partnership is the result of a thorough and detailed selection and due diligence process where Taurus was able to demonstrate the quality and breadth of its products and technology,” Taurus co-founder Lamine Brahimi, noted.
Following the partnership announcement, Deutsche Bank shares closed Thursday trading at $11.01, up approximately 1.57 percent from the day’s opening price. Notably, Deutsche Bank shares are down about 4.43 percent YTD following the market takeover by Web3-oriented services. As a result, experts believe the strategic partnership between Deutsche Bank and Taurus will help the former’s stock market.
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