German banking giant Deutsche Bank just entered a global agreement with Swiss digital asset infrastructure firm Taurus that anticipates further growth in crypto adoption.
In a statement, Taurus says the partnership will enable Deutsche Bank to use its custody and tokenization technology to manage cryptocurrencies, tokenized assets and digital currencies.
Says Taurus co-founder Lamine Brahimi,
“We are pleased to implement this global partnership with Deutsche Bank and look forward to supporting the bank in launching digital assets and DLT (distributed ledger technology)-based products and services across several booking centers.”
According to a 2020 World Economic Forum report, Deutsche Bank already plans to launch a new digital custody platform for institutional clients as early as three years ago.
“The platform will be embedded with a full suite of regulated banking services, including KYC (know your customer)/AML (anti-money laundering), compliance, settlement and more. Intuitive UX (user experience) and CX (customer experience) will be crucial. Deutsche Bank will help users to focus on what’s important – their investment decisions. This platform will focus on simplifying the customer experience and design implementation as a means of creating a differentiated product.”
Deutsche Bank’s global head of Securities Services Paul Maley says crypto will continue to grow.
“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. As such, custodians must start adapting to support their clients.”
Deutsche is also among the investors that participated in Taurus’ $65 million Series B financing round earlier this year. The startup says the raised funds will be used to support its growth strategy.