The largest bank in Germany in terms of total assets, Deutsche Bank, is working with the Swiss digital asset company Taurus to offer clients services for tokenization and crypto custody. According to the global head of security services at Deutsche Bank, "the digital asset space is expected to encompass trillions of dollars' worth of assets, so it's bound to be seen as one of the priorities for investors and corporations alike."
German Bank Cryptocurrency Custody and Tokenization Space Entry
Financial behemoth Deutsche Bank and digital asset technology company Taurus are working together to provide services for tokenization and custody of cryptocurrencies, Taurus announced on Thursday. According to a news release from the digital asset company:
Taurus and Deutsche Bank have a worldwide relationship. To manage digital currencies, tokenized assets, and custody of cryptocurrencies, Deutsche Bank will use Taurus custody and tokenization technology.
According to a spokesman of Deutsche Bank, the cooperation will enable Germany's largest bank to custody a small number of cryptocurrencies and tokenized versions of traditional assets for its clients for the first time. However, the representative made it clear that trading cryptocurrencies is not in the bank's "immediate plans."
According to the cryptocurrency company, Taurus offers enterprise-grade digital asset infrastructure for the issuance, custody, and trading of digital assets, including cryptocurrencies, tokenized assets, and non-fungible tokens (NFTs). Deutsche Bank took part in Taurus' $65 million Series B investment round in February, which was organized by Credit Suisse.
Deutsche Bank's worldwide head of securities services, Paul Maley, stated:
Given that the digital asset market is predicted to include trillions of dollars' worth of assets, it is inevitable that investors and businesses will view it as a top priority. Custodians must therefore start adapting in order to help their clients.
Numerous large banks and financial organizations are either already offering or thinking about providing their customers with bitcoin custody services. There are a number of them, including Crédit Agricole, Santander, DZ Bank, Itau Unibanco, Donner & Reuschel, Union Bank of the Philippines, Standard Chartered, BNY Mellon, and Societe Generale.
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