Deutsche Bank teams up with Taurus for crypto services, aiming to transform regular money into digital form.
Deutsche Bank is joining the crypto trend. They're teaming up with Swiss company Taurus to handle digital money, like cryptocurrency, and to turn regular assets into digital form (tokenization). Taurus is known for dealing with cryptocurrencies and NFTs.
Paul Maley, from Deutsche Bank, believes that working with partners is crucial for giving clients what they want. The bank will start by keeping certain cryptocurrencies and digital money tied to real currencies. They'll also begin by turning regular financial assets into digital ones.
Important finance figures like BlackRock CEO Larry Fink believe turning assets into digital form is the future. Big companies like JPMorgan and Goldman Sachs are also exploring this digital shift. Maley expects more assets and payments to become digital, and the bank is preparing for this change.
Deutsche Bank has supported Taurus before, joining a $65 million funding for them in February. Taurus' co-founder said both Deutsche Bank and Credit Suisse, are using Taurus' technology. This all comes after Deutsche Bank asked permission from Germany's financial authority to work with cryptocurrencies.
Last year, Deutsche Bank shared plans to build a platform where clients can safely manage and use both digital and regular money. The goal is to offer a safe and easy way for customers to use both types of money.
Lamine Brahimi from Taurus is also excited about the global collaboration with Deutsche Bank. He believes it will lead to the launch of many digital-based products and services.