Deutsche Bank, Germany's largest bank, which draws attention with its positive approach to Bitcoin (BTC) and cryptocurrencies, is preparing to offer cryptocurrency custody services.
According to Coindesk, Deutsche Bank has partnered with Switzerland-based crypto company Taurus to offer cryptocurrency custody and tokenization services.
In a joint statement, the companies stated that Deutsche Bank will use Taurus' custody and tokenization technology to manage cryptocurrencies, tokenized assets and digital assets.
Deutsche Bank's head of global securities services, Paul Maley, stated that this partnership is to develop custody services for a wide range of digital asset types for institutional clients and said:
“Initially, we will provide custody services for selected cryptocurrencies and some stablecoins.
We expect the first wave of activity to be around these select cryptocurrencies and stablecoins. But we see the opportunity for broader emergence of tokenized financial assets.”
Taurus co-founder Lamine Brahimi stated in his statement that the partnership focuses on cryptocurrencies and said that Deutsche Bank can tokenize assets and provide asset services wherever it deems appropriate.
Deutsche Bank invested in Taurus in a $65 million Series B round led by Credit Suisse last February.
*This is not investment advice.