Partnering with the crypto infrastructure firm Taurus, where the German bank is also an investor, Deutsche Bank will start crypto custody solutions soon.
According to reports, multinational banking firm Deutsche Bank could soon start rolling out crypto custody solutions. The bank has been dealing with the crypto industry for some time. It had joined as one of the investors for the crypto infrastructure firm Taurus.
Taurus has now turned a partner for the bank for its crypto custody services. It is a provider of crypto infrastructure for the management and custody of crypto assets, tokenized products, and other digital assets.
The founder of Taurus stated how the due diligence for their services was started by Deutsche Bank in 2021. The bank ended the process in 2022, with the deal finalized a couple of quarters earlier.
“In the first instance, we will offer custody for selected crypto currencies and some stablecoins. We expect the first wave of activity to be around these selected cryptocurrencies and stablecoins. However, we see the opportunity in the broader emergence of tokenized financial assets,” said Deutsche Bank’s head of securities services, Paul Maley.
Most stakeholders of the deal agreed the crypto regulatory progress in Europe and Asia had been a catalyst. With Europe’s MiCA regulations sealing clarity for crypto firms, traditional financial firms are flocking to the industry.
Asian geographies like Japan and Hong Kong have also promoted crypto-friendly regimes. The regions have emerged as crypto hubs, with several businesses in the sector starting up in their cities.
Other major banks in the world have also diversified into crypto services. Banks like Standard Chartered and Societe Generale have been proponents of crypto.