Deutsche Bank, Germany’s financial giant with assets value of $1.4 trillion, has partnered with Swiss startup Taurus to offer various services, including cryptocurrency custody and tokenization solutions. The collaboration underwent a “thorough and detailed selection and due diligence process” before Deutsche Bank decided to utilize Taurus’ enterprise-grade infrastructure technology. In June, the bank applied for a crypto custody license from the country’s financial regulator, BaFin. This move followed the bank’s interest in digital asset custody, which first surfaced in early 2021 when the World Economic Forum highlighted a prototype for such custody. The evolution of European regulatory frameworks has provided traditional financial organizations like Deutsche Bank with a clear path to explore the digital assets sector.

Deutsche Bank’s commitment to this new venture was underscored by its investment in Taurus in February. This investment was part of a substantial $65 million Series B funding round led by Credit Suisse, featuring participation from Arab Bank Switzerland and Pictet Group. The partnership with Taurus initially focuses on cryptocurrencies, but it encompasses a broader scope. This means that Deutsche Bank will have the flexibility to tokenize various assets as appropriate. Initially, the bank plans to offer custody services for selected cryptocurrencies and stablecoins, with the potential for the broader adoption of tokenized financial assets.

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Information	Details
Geography	Europe
Countries	🇩🇪 🇨🇭
Sentiment	positive
Relevance Score	9
People	Paul Maley, Lamine Brahimi
Companies	World Economic Forum, Arab Bank Switzerland, Deutsche Bank, Credit Suisse, BaFin, Taurus, Pictet Group
Currencies	None
Securities	None