- In February, Taurus received funding from Deutsche Bank as part of a Series B investment.
- Taurus develops custody solutions for tokenized assets and cryptocurrencies.
Spanish financial behemoth Santander reportedly has chosen digital asset management firm Taurus to launch a self-custody model for digital assets.
Bitcoin and Ethereum trading was confirmed to be live and accessible for customers with accounts in Switzerland last week by Santander Private Bank. Additionally, Santander will only offer Bitcoin and Ethereum during the initial phase. More cryptocurrencies will be introduced when these two pass the financial giant’s rigorous screening tests.
Customers may only access Santander’s cryptocurrency investing services via their relationship managers, according to a company representative.
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This is a courageous move since the majority of major banks would prefer to fiddle with tokenization than deal with open-access blockchains and the cryptocurrencies that operate on them.
The Geneva-based Taurus, which develops custody solutions for tokenized assets and cryptocurrencies, announced in September that it will be partnering with Deutsche Bank. In February, Taurus received funding from Deutsche Bank as part of a Series B investment totaling $65 million. Credit Suisse spearheaded the deal, which also included Arab Bank Switzerland and Pictet Group.
German financial institution DZ Bank, the country’s third-largest by asset size, has introduced its own blockchain-based digital assets custody platform, while other institutions use existent players.
The interest of DZ in blockchain technology was highlighted by Holger Meffert, head of securities services and digital custody at DZ. The possibility to purchase cryptocurrency, “such as Bitcoin,” is something the bank is aiming to provide to both institutional investors and individual clients down the road.
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Source: https://thenewscrypto.com/santander-chooses-taurus-for-safeguarding-cryptocurrencies/