Deutsche Bank and Credit Suisse invest in crypto startup Taurus to expand into billion-$ markets
- Crypto startup Taurus Labs said it will use funds from a fundraising campaign to expand its business globally and strengthen regulatory requirements.
- It will partner with the world’s largest banks on various types of digital assets, including cryptocurrencies, digital currencies and tokenized securities.
Traditional banking giants are making a move in the crypto space by investing in crypto startups that have strong future potential. On Tuesday, February 14, Swiss startup Taurus SA announced a $65 million Series B funding round led by Credit Suisse.
Three other major financial institutions that participated in the financing included Deutsche Bank, Pictet Group and Arab Bank Switzerland. Crypto startup Taurus Labs offers an infrastructure for the issuance, custody and trading of digital assets.
The company noted that it will use this funding to improve its platform services as well as expand internationally. In addition, the funds will support the crypto startup’s growth strategy across three major verticals:
- Hire top talent to improve the platform’s functionality and services.
- Customer acquisition with expansion of sales and services to top class overseas destinations such as EuropeUAE, and soon after in America and Southeast Asia.
- Investment in strengthening security, risk and compliance requirements across product lines, processes and organisations.
The recent fundraising by Taurus comes at a time of extreme economic uncertainty and a slowdown in the crypto space. Speaking about the development, Brahimi said:
Elevation USD 65 million in today’s market environment says a lot about the quality of Taurus’ people and 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.
also read: Bitcoin: Singapore’s largest bank with $686B assets and management to offer BTC and crypto to its customers
Serves top tier banks
Furthermore, the crypto startup also seeks to serve some of the world’s largest banks on various types of digital assets, including cryptocurrencies, digital currencies and tokenized securities. The recent investment by giants such as Credit Suisse and Deutsche Bank has received approval from the Swiss Financial Supervisory Authority (FINMA) – a government body that oversees monetary regulations.
As of now, Taurus already works with more than 25 financial institutions and corporate clients across eight countries and three continents. The client portfolio includes retail and online banks, crypto banks, private banks, investment banks and broker-dealers. Lamine Brahimico-founder and managing partner of Taurus, said:
Elevation USD 65 million in today’s market environment says a lot about the quality of Taurus’ people and 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.
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Deutsche Bank has also promised to integrate Taurus’ technology into the IT environment. They said this would form a key part of their digital asset custody program. Deutsche Bank has been actively involved in the crypto space for some time.
The banking giant is looking to buy a stake in the Bitcoin ETF company and is currently in talks with Galaxy Digital.
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