Deutsche Bank To Delve Into Crypto Custody
The firms announced on Thursday that Deutsche Bank is collaborating with Taurus, a Swiss startup that specialises in bitcoin storage, to provide digital asset custody and tokenization services.
The largest lender in Germany, Deutsche Bank, said that it has submitted an application for a crypto custody licence to BaFin, the country’s financial authority, in June. The bank’s plans for crypto asset custody have been known to the public since the beginning of 2021, when information regarding a prototype for digital asset custody surfaced in a World Economic Forum study.
The introduction of regulations for companies that hold digital assets in Germany and, more broadly, the proposed Markets in Crypto-Assets Regulation (MiCA) framework in Europe are giving traditional finance firms the clarity they need to investigate the market for digital assets.
In a $65 million Series B financing that was co-led by Credit Suisse and includes Arab Bank Switzerland and Pictet Group, Deutsche Bank made an investment in Taurus in February. Lamine Brahimi, a co-founder of Taurus, noted that Deutsche Bank began investigating potential crypto custody companies around the end of 2021 and completed its investigation somewhere in 2022.
(With inputs from Shikha Singh)
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