Crypto firm Taurus completes $65 million funding round led by Credit Suisse, Deutsche Bank
Taurus SA – a Swiss entity that provides an infrastructure for the issuance, custody and trading of cryptocurrencies – raised $65 million to improve its platform and expand internationally.
Major monetary institutions, including Credit Suisse, Deutsche Bank and Arab Bank Switzerland, led the financing.
Facing other continents
The bull revealed it will use the funds from the Series B fundraising to hire more engineers who can develop the platform, offer additional security to customers and expand worldwide. The main goal is to open offices in Europe and the United Arab Emirates (UAE) and later focus on America and Southeast Asia.
The multimillion financing round was led by a number of financial giants, such as Credit Suisse, Deutsche Bank, Pictet Group, Arab Bank Switzerland, Investis Holding SA and Cedar Mundi Ventures. The transaction received approval from the Swiss Financial Markets Authority (FINMA) – a government body responsible for monetary regulation.
Lamine Brahimi – co-founder and managing partner of Taurus – said the fundraising completed during the current economic uncertainty demonstrates the quality of the firm’s products.
“We are proud to welcome such high-profile investors and benefit from their expertise to further develop one of the richest platforms in the industry, covering all types of digital assets, well beyond cryptocurrencies,” he added.
André Helfenstein – CEO of Credit Suisse (Switzerland) – said the “strategic partnership” with Taurus reflects the firm’s plans to emerge as the leading Swiss banking arm of the crypto space. He also said it will continue to interact with innovative technologies and introduce digital asset services for clients.
Deutsche Bank promised to integrate Taurus’ technology into the IT environment. Sabih Behzad – head of digital assets and currency transformation at the bank – said the collaboration will form a “key part of our digital asset custody platform.”
Deutsche Bank’s Crypto Trials
It seems that the bear market is not a concern for Deutsche Bank, but a period of opportunity. Its asset management arm – DWS Group – recently revealed intentions to invest in two German cryptocurrency organizations: Deutsche Digital Assets (DDA) and Tradias.
Some of Deutsche Bank’s executives have been quite bullish on bitcoin in recent years. Macro strategist Marion Laboure argued in 2021 that it could become this century’s “digital gold” due to its steady supply. She also highlighted Ethereum, describing it as “digital silver.”
