Banking Heavyweight Deutsche Bank Enters The Crypto Space
Deutsche Bank begins working with crypto platform Taurus to provide crypto asset custody services.
As the European Union continues to tighten controls on cryptocurrencies, major banking giant Deutsche Bank and crypto platform Taurus have decided to merge the traditional financial sector with the cryptocurrency space. Taurus said that the German bank conducted a thorough vetting of the platform before partnering.
Deutsche Bank announced its plans to provide cryptocurrency storage services three years ago, and received a license from the German regulator in June 2023. It was only a matter of time before the cryptocurrency plans were realized. The new deal with Taurus is global in nature. The platform will provide the necessary custodial infrastructure and tokenization of traditional financial securities for Deutsche Bank. Initially, the bank will start offering some cryptocurrencies and stablecoins to institutional clients.
Deutsche Bank expects the crypto space to grow to $3 trillion and attract more investors. This was one of the reasons for the bank to expand its options in the cryptocurrency industry.
Back in February 2023, the banking giant participated in a $65 million funding round in Taurus. The main goal of Taurus was to serve the best European banks. The platform currently serves 30 banks, providing crypto services as well as equity tokenization services. In addition, Deutsche Bank's unit, DWS Group, was in talks with two German crypto platforms in the same month.
