Taurus SA, a Swiss entity that provides an infrastructure for issuing, custody, and trading cryptocurrency, raised $65 million to improve its platform and expand internationally.
Major monetary institutions, including Credit Suisse, Deutsche Bank and Arab Bank Switzerland, led the funding.
Looking Toward Other Continents
Taurus revealed will use the funds from the Series B fundraiser to hire more engineers who can develop their platform, offer additional security to customers and expand around the world. His main goal is to open offices in Europe and the United Arab Emirates (UAE) and then focus on the Americas and Southeast Asia.
The multi-billion dollar funding round was led by numerous financial giants including Credit Suisse, Deutsche Bank, Pictet Group, Arab Bank Switzerland, Investis Holding SA and Cedar Mundi Ventures. The transaction received approval from the Swiss Financial Market Supervisory Authority (FINMA), a government agency responsible for currency regulations.
Lamine Brahimi, co-founder and managing partner of Taurus, said the fundraising completed during the current economic uncertainty demonstrates the quality of the company’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 any type of digital asset, well beyond cryptocurrencies,” he added.
André Helfenstein, CEO of Credit Suisse (Switzerland), said the “strategic partnership” with Taurus reflects his company’s plans to emerge as the leading Swiss bank in the crypto space. He also said that he will continue to engage with innovative technologies and introduce digital asset services for clients.
Deutsche Bank committed to integrating Taurus technology into its IT environment. Sabih Behzad, Head of Digital Asset and Currency Transformation at the bank, said the collaboration will form a “key part of our digital asset custody platform.”
Deutsche Bank’s Crypto Forays
It seems that the bear market is not a concern for Deutsche Bank, but a period that presents an opportunity. Its asset management division, DWS Group, recently revealed intentions to invest in two German cryptocurrency organizations: Deutsche Digital Assets (DDA) and Tradias.
Some of the executives at Deutsche Bank have been quite bullish on bitcoin in recent years. Marion Labore, macro strategist argument in 2021 that could become the “digital gold” of this century due to its fixed offer. He also singled out Ethereum, describing it as “digital silver.”
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