Temenos to Offer Institutional Clients Crypto Services

Banking software provider Temenos will now offer its customers cryptocurrency services through an integration with digital infrastructure provider Taurus, Temenos said in a press release on 17 May.

According to the announcement, the goal of the two Swiss-based firms is to “bridge the gap between traditional investments and digital assets” by providing new opportunities to banks and wealth managers. The more than 3,000 Temenos institutional clients will now have access to the services offered by Taurus, which include tokenization, staking, decentralized finance (DeFi), trading and custody of digital assets. The Product Director at Temenos, Alexandre Duret, said in a statement:

“We believe that digital assets represent new opportunities for banks and wealth managers. Investors are increasingly aware of the performance of cryptocurrencies, which can effectively participate in the diversification of a portfolio. Other applications of blockchain technology, such as tokenized securities have the potential to transform the value chain with simpler issuance procedures, greater liquidity and real-time settlement.”

Back in April, Taurus received a securities license from the Swiss Financial Market Supervisory Authority (FINMA) to launch an independent regulated digital assets marketplace, called the Taurus Digital eXchange (TDX). The firm said at the time it was onbording several banks, including Arab Bank Switzerland, FlowBank, Hypothekarbank Lenzburg and SEBA bank.

More and more banks are already either offering their clients crypto services, or working on a digital asset-based platforms. Back in March Morgan Stanley decided to provide its wealthy clients with exposure three Bitcoin funds, while at the same time Goldman Sachs was exploring ways to offer “thoughtful and appropriate” access to crypto.

Last month, J.P. Morgan partnered with DBS Bank on a new blockchain-based joined venture focused on global payments and interbank transactions, which would use blockchain technology and digitised commercial bank money. Last week, the state of Nebraska advanced a bill that would allow state banks to offer their clients crypto services, as well as enable the creation of digital asset depository institutions and provide charter, operation, supervision, and regulation of such institutions.