Germany’s largest bank, Deutsche Bank, has announced its readiness to offer cryptocurrency custody services to its customers by forming a strategic partnership with Taurus, a provider of institutional-level infrastructure for the issuance, management, and trading of cryptocurrencies, tokenized assets, NFTs, and other digital assets.
“Given the growth potential of the digital asset market, traditional financial companies need to adapt to this market.”Deutsche Bank
Working on This Plan for the Past 3 Years
Furthermore, Deutsche Bank has been working on plans to offer cryptocurrency custody and trading services to its customers for the past three years. The bank had continued its plans to provide access to cryptocurrency markets and assets and had applied for a digital asset custody license from Germany’s financial regulator, BaFin, as recently as June 2023.
Global Significance of Collaboration with Deutsche Bank
Taurus co-founder Lamine Brahimi also noted that Taurus provides custody and tokenization technology that complies with local regulatory requirements, making the collaboration with Deutsche Bank globally significant.
“As the digital asset space is expected to encompass trillions of dollars in assets, it is inevitable that it is seen as a priority for both investors and companies.”Paul Maley, Head of Global Securities Services at Deutsche Bank
Finally, Taurus co-founder Lamine Brahimi mentioned that their platform currently serves more than 30 banks, and most deals go beyond cryptocurrencies, involving the tokenization of equities, debt, and other products.