Germany’s largest bank, Deutsche Bank, will partner with a Swiss crypto company to offer custody services to customers. In addition, the bank will use technology from Swiss company Taurus to also offer digital coins.
Germany’s largest bank enters into a partnership with Swiss Fintech
Deutsche Bank is a multinational bank with $1.3 trillion in assets under management. The company has reportedly set up custody services for Crypto. The company recently applied for a license from the German regulator to manage the tokens for customers. According to representatives of Deutsche Bank, development will begin immediately. Investors can use the services quickly.
The Swiss Fintech (a company driving innovation in the financial sector) Taurus is already working with several big names in the financial sector. These include companies such as Mastercard, Ethereum Foundation, Credit Suisse and Capital Union Bank. The company develops technologies for storing and delivering cryptocurrencies.
We are pleased to announce that Deutsche Bank has entered into a global agreement with Taurus! 🤝Deutsche Bank will use Taurus’ custody and tokenization technology to manage cryptocurrencies, tokenized assets and digital currencies. pic.twitter.com/EhTB3gsJgF
– Taurus (@taurus_hq) September 14, 2023
“We look forward to supporting the bank in launching digital assets and DLT-based products,” said Lamine Brahimi, co-founder of Taurus.
Deutsche Bank is also very enthusiastic about offering the services. Paul Maley, global securities chief at Deutsche Bank, said:
“We believe the tokenized economy will continue to evolve and expect that there will eventually be more traditional assets and transactions.on chain‘ will work.
Demand for crypto-related products has declined
The demand for crypto-related products and services appears to have waned somewhat. This is noticeable, among other things, in the sharp drop in trading volume Non-fungible tokens (NFTs). Still, news like this suggests that companies and organizations are working hard behind the scenes to advance in the industry.
According to Brahimi, the crash of an exchange like FTX did not lead to dislike for the sector, but rather strengthened it. With the arrival of Evidence of reserves The reliability of the major market participants has increased rapidly. Therefore, large companies are much more likely to contribute to the industry. This also includes Deutsche Bank, which is one of many that exchanges traditional currencies for digital currencies.