The Swiss crypto company will use the financing to expand across Europe and the UAE.
Taurus SA – a Swiss entity that provides an infrastructure to issue, custody, and trade cryptocurrencies – raised $65 million to improve its platform and expand internationally.
Major monetary institutions, including Credit Suisse, Deutsche Bank, and Arab Bank Switzerland, led the financing.
Facing Towards Other Continents
Taurus disclosed it will use the funds from the Series B fundraiser to hire more engineers who could develop its platform, offer additional security to clients, and expand across the globe. Its main target is to open offices in Europe and the United Arab Emirates (UAE) and later focus on the Americas and South-East Asia.
The multi-million funding round was led by numerous financial giants, such as 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 monetary regulations.
Lamine Brahimi – Co-Founder and Managing Partner of Taurus – said the completed fundraiser during the current economic uncertainty demonstrates the quality of the firm’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 assets, way beyond cryptocurrencies,” he added.
André Helfenstein – CEO of Credit Suisse (Switzerland) – said the “strategic partnership” with Taurus reflects his firm’s plans to emerge as the leading Swiss bank part of the crypto space. He also said it will continue to interact with innovative technologies and introduce digital asset services for customers.
Deutsche Bank vowed to integrate Taurus’ technology into its IT environment. Sabih Behzad – Head of Digital Assets and Currencies 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 like the bear market is not a concern for Deutsche Bank but a period that presents an opportunity. Its asset management arm – DWS Group – recently revealed intentions to invest in two German cryptocurrency organizations: Deutsche Digital Assets (DDA) and Tradias.
Some of Deutsche Bank’s executives have been quite bullish on bitcoin over the past few years. Macro Strategist Marion Laboure argued in 2021 that it could become the “digital gold” of this century because of its fixed supply. She highlighted Ethereum, too, describing it as “digital silver.”