Deutsche Bank has entered into a partnership with Swiss infrastructure provider Taurus, pushing deeper into the field. The financial giant aims to use the crypto specialist's technology to custody its clients' digital assets.
Deutsche Bank, Germany's largest financial institution with EUR 821 billion in assets under management, has signed a partnership agreement with the Geneva-based crypto technology provider Taurus SA. Under the collaboration, Deutsche Bank will integrate Taurus' services to offer clients secure crypto custody and tokenization.
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German financial giant bets on crypto assets
The move is part of Deutsche Bank's longer-term crypto strategy. Germany's largest bank has already been pursuing the space since 2019, as Head of Digital Assets Alex Bechtel detailed in an interview with CVJ.CH two years ago. As such, Deutsche Bank participated in Taurus' $65 million Series B round in February of this year, along with Credit Suisse and other well-known financial institutions. This was followed in June by its application for a crypto custody license with German regulator BaFin.
The deeper partnership with the Geneva-based infrastructure specialist should complete preparations for Deutsche Bank's crypto offering. More generally, the corporate bank hopes to boost its revenues from commissions by making inroads into the industry. The 80 percent subsidiary DWS has already been active in the crypto world for several years.
The DACH region prepares for 2024
Deutsche Bank is one of many well-known credit institutions in German-speaking countries that will offer their customers comprehensive crypto services for the first time in the coming year. In December 2021, the German Savings Banks Association announced its intention to soon offer cryptocurrency trading to its 50 million customers. However, it was not until February 2023 that the group's securities house - Deka Bank - submitted an application for a custody license.
In Switzerland, PostFinance could kick things off. In July 2022, the leading Swiss retail bank identified the sector as a growth area and entered into a partnership with crypto bank Sygnum in April 2023. The move was intended to give clients access to a range of regulated, bankable crypto-asset products and services. This was followed just a few months later by the announcement of the first cantonal bank, LUKB. Approximate launch date of the offering: also 2024.
