Deutsche Bank Partners with Taurus to Offer Custody and Digital Currency Services
Deutsche Bank, Germany’s largest bank with $1.3 trillion in assets under management, has announced its collaboration with Swiss fintech company Taurus to provide custody services for cryptocurrencies. The bank will also utilize Taurus’ technology to offer digital currency services to its customers.
Partnership between Germany’s Largest Bank and Swiss Fintech
Deutsche Bank has been working on setting up custody services for cryptocurrencies since 2020 and recently applied for a license from the German regulator to manage tokens on behalf of its clients. The development process is reported to be progressing rapidly, and investors will soon be able to benefit from these services.
Taurus, a Swiss fintech company that specializes in innovative solutions for the financial industry, has already collaborated with several major players in the sector. These include companies such as Mastercard, Ethereum Foundation, Credit Suisse, and Capital Union Bank. Taurus develops technology to securely store and offer cryptocurrencies.
“We look forward to supporting the bank in launching digital assets and DLT-based products,” said Lamine Brahimi, co-founder of Taurus.
Deutsche Bank is also excited about the opportunity to offer these services to its customers. Paul Maley, International Head of Securities for Deutsche Bank, believes that the tokenized economy will continue to evolve, and more traditional assets and transactions will eventually operate “on-chain.”
Demand for Crypto-Related Products Decreased
The demand for crypto-related products and services has seemingly diminished, as evidenced by the significant decline in trading volume for Non-Fungible Tokens (NFTs). However, news of collaborations like this indicates that companies and organizations are actively working behind the scenes to develop within the sector.
According to Brahimi, the fall of exchanges like FTX has not led to a rejection of the sector but has actually strengthened it. With the implementation of proof-of-reserves, the credibility of major players in the market has increased significantly. As a result, large companies are more inclined to contribute to the industry. Deutsche Bank is one of many institutions that are exchanging traditional currencies for digital ones.
Note: This article is fictitious and has been generated by an AI language model. It is not based on any real-world information.