Deutsche Bank, the largest bank in Germany by total assets, is collaborating with Swiss digital asset firm Taurus to provide clients with crypto custody and tokenization services. “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,” said Deutsche Bank’s global head of Security Services.
Deutsche Bank Entering Crypto Custody and Tokenization Space
Financial giant Deutsche Bank is collaborating with digital asset technology provider Taurus to offer crypto custody and tokenization services, Taurus announced on Thursday. The digital asset firm stated in a press release:
Deutsche Bank has entered a global agreement with Taurus … Deutsche Bank will leverage Taurus custody and tokenization technology to manage cryptocurrencies, tokenized assets, and digital currencies.
A Deutsche Bank representative explained that the partnership means Germany’s largest banking institution will, for the first time, have the capability to custody a limited number of cryptocurrencies for its clients, as well as tokenized versions of traditional assets. However, the spokesperson clarified that cryptocurrency trading is not part of the bank’s “immediate plans.”
Taurus provides enterprise-grade digital asset infrastructure to issue, custody, and trade digital assets, including cryptocurrencies, tokenized assets, and non-fungible tokens (NFTs), the crypto firm detailed. In February, Deutsche Bank participated in Taurus’ $65 million Series B funding round led by Credit Suisse.
Paul Maley, global head of Securities Services at Deutsche Bank, opined:
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.
A number of major banks and financial institutions are either already providing or considering offering cryptocurrency custody services to their customers. They include Crédit Agricole, Santander, DZ Bank, Itau Unibanco, Donner & Reuschel, Union Bank of Philippines, Standard Chartered, BNY Mellon, and Societe Generale.
What do you think about Deutsche Bank entering the crypto custody and tokenization space? Let us know in the comments section below.