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Deutsche Bank AG has cemented a partnership with Swiss crypto technology firm, Taurus SA. This collaboration propels Deutsche Bank closer to unveiling its digital assets custody service.
A venture into digital custody
Taurus SA's cutting-edge technology will be pivotal for Deutsche Bank, enabling them to offer both custody and tokenization services. This strategic alliance aligns with the bank's previously disclosed plans to venture into the digital custody domain. Paul Maley, Deutsche Bank’s global head of securities services, had hinted at this collaboration in an earlier interview with Bloomberg News. He said:
“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.”
Tokenised financial assets is the future
Paul Maley emphasised the growing significance of the digital asset sector, predicting its potential to manage trillions in assets. He stressed the need for custodians to evolve and cater to this burgeoning demand. Earlier this year, Deutsche Bank had also invested in Taurus during a $65 million funding round, reinforcing its commitment to the digital asset space.
According to Maley, the bank plans to first offer crypto custody services for select cryptocurrencies and stablecoins. However, he says that Deutsche bank sees most growth in tokenised financial assets.
Deutsche Bank laid the groundwork for its move into crypto by applying for a crypto custody licence from Bafin, the German regulator, back in June.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.