Deutsche Bank headquarters in Beijing, China on April 3, 2019. Shutterstock
Germany’s largest bank, Deutsche Bank, has partnered with crypto infrastructure firm Taurus to work on a new global cryptocurrency custody service, Taurus said in a press release on 14 September.
According to the announcement, Deutsche Bank — which manages more than $1.4 trillion in assets — will make use of Taurus’ custody and tokenization technology in order to gain the ability to manage cryptocurrencies, tokenized assets, and digital currencies. The German bank was one of a few companies to invest in Taurus’ $65 million Series B fundraising round in February, with others including the Arab Bank Switzerland and Pictet Group.
Taurus co-founder Lamine Brahimi noted that his company was chosen as Deutsche Bank’s infrastructure service partner after undergoing a very “thorough and very detailed” due diligence process, which began in the end of 2021 and “ended somewhere in 2022”. The German bank’s crypto custody ambitions could be traced back to early 2021, when details about a crypto custody prototype appeared in a report from the World Economic Forum (WEF).
The bank once again showed its interest in crypto custody in June 2023, when it applied for a digital asset custody license from Germany’s financial regulator BaFin. Deutsche Bank’s global head of securities services, Paul Maley, noted in that the crypto space was expected to grow to trillions of dollars of assets, and is “bond to be seen as one of the priorities for investors and corporations alike”.