Deutsche Bank to offer crypto custody for large, institutional clients

Deutsche Bank, one of the world’s major financial institutions, has now teamed up with Taurus SA as part of its journey into the cryptocurrency sector. As part of the partnership, Deutsche Bank — Germany’s largest bank and a global financial heavyweight with over €1.3 trillion ($1.4 trillion) in assets, has set its sights on offering cryptocurrency custody and tokenization services to its institutional clients.

Taurus SA, the Swiss cryptocurrency infrastructure firm, confirmed the development in an official statement. “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,” said Paul Maley, Deutsche Bank’s global head of securities services.

With the partnership, Deutsche bank will be able to hold a limited number of cryptocurrencies for its clients, along with the tokenised versions of traditional financial assets, by integrating Taurus’ custody and tokenization technology. This development also comes a few months after Deutsche Bank had applied for a digital assets license with Germany’s financial regulator BaFin in order to get the green light towards the operation of a custody service for digital assets, including cryptos.

The partnership between Deutsche Bank and Taurus SA to provide cryptocurrency custody services and tokenization solutions carries several significant implications for the industry. For one, it means the further integration of cryptocurrencies and digital assets into mainstream financial institutions, which could be beneficial for the slowly-recovering crypto firms. Furthermore, the partnership enables the bank to cater to clients who seek exposure to cryptocurrencies and tokenized assets, potentially attracting a broader clientele and retaining existing ones seeking diversified investment options.

Founded in 2018, Taurus SA is a Swiss-based enterprise that specializes in providing enterprise-grade infrastructure to facilitate the issuance, custody, and trading of digital assets. With a strong focus on serving institutional clients, Taurus caters to over 25 such clients, offering a platform for the issuance, custody, and trading of digital assets, including non-fungible tokens (NFTs) and tokenized assets.

This is not the first time the Swiss firm has joined forces with Deutsche Bank. Taurus co-founder Lamine Brahimi claims that the partnership between Deutsche Bank and Taurus is the result of a meticulous due diligence process spanning from late 2021 to 2022. Taurus’ ability to meet the high standards and regulatory requirements set by Deutsche Bank was a key factor in securing this collaboration. Importantly, this partnership extends across the globe, enabling Deutsche Bank to leverage Taurus’ technology while adhering to local regulatory frameworks. And this February, Deutsche Bank took part in Taurus’ Series B funding round, wherein the Swiss firm raised a total of $65 million.

“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 said. “We are pleased to implement this global partnership with Deutsche Bank and look forward to supporting the bank in launching digital assets and DLT-based products and services across several booking centers.”