(Bloomberg) -- Deutsche Bank AG is one step closer to launching a digital assets custody service after finalizing a deal with Swiss crypto technology firm Taurus SA.
The bank will use the startup’s technology for providing custody and tokenization services, the two firms said on Thursday. The partnership means Deutsche Bank can start its work on offering custody of digital assets to clients. The accord was part of a planned launch with Taurus revealed by Paul Maley, Deutsche Bank’s global head of securities services, in a February interview with Bloomberg News.
Big-name banks have continued to invest in building out crypto systems even amid a broader slump in asset prices and multiple high-profile company collapses. Firms, including Nomura and Julius Baer, have expanded their crypto ambitions to hotspots like Dubai this summer, where regulators’ approach to digital assets are more advanced.
“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike,” said Maley in a statement provided by Taurus Thursday. “As such, custodians must start adapting to support their clients.”
The company first announced its intention to expand into digital custody services last year, though details were sparse at the time. In February, Deutsche Bank participated in a $65 million funding round for Geneva-based Taurus, investing in the company alongside Credit Suisse Group AG, Pictet Group and Arab Bank Switzerland Ltd.
Read more: Credit Suisse Leads $65 Million Funding for Digital-Asset Firm
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