Geneva-based crypto startup Taurus has raised $65 million in a Series B funding round led by Credit Suisse with participation from Deutsche Bank and other traditional financial institutions. The Crypto Valley appears unaffected by the "crypto winter."
The funds will be used to expand the platform for banks and other financial institutions covering cryptocurrencies, tokenized securities and digital currencies. Taurus will also establish new offices in Europe, the United Arab Emirates, North and South America and Southeast Asia, he said. The company already works with 25 institutions and corporate clients in eight countries and three continents.
Credit Suisse makes further inroads into crypto industry
The Swiss banking giant's first blockchain projects date back several years. The strategic partnership with Taurus is an important step for Credit Suisse to further participate in the emerging ecosystem for digital assets, to acquire technical capabilities and to take advantage of market opportunities in the blockchain industry.
"The strategic partnership with Taurus is a cornerstone of the Swiss Bank division's digital asset strategy with the goal of becoming the leading Swiss bank in this area. We continue to focus on new and innovative technologies and expect to launch several digital asset services for clients in the near future, both on the issuance and investment side." - André Helfenstein, CEO of Credit Suisse (Switzerland) Ltd.
For Credit Suisse clients with an affinity for digital assets, this partnership opens up exciting opportunities across the entire lifecycle - including solutions that go beyond traditional banking services, he said. By working with interested clients and other players from various industries, as well as with regulators and national banks, the bank aims to decisively develop the Swiss market for digital assets.
Crypto startup aims to expand services and customer base
Taurus is a crypto infrastructure provider for financial institutions in Europe. Founded in 2018, the Swiss company has developed a platform designed to enable clients to manage any type of digital asset. The company's proprietary technology includes issuance and trading as well as custody of various blockchain tokens.
The startup will use the funds raised to invest in its platform, according to the statement. In this way, the company could enable the world's largest banks to service all types of digital assets: Cryptocurrencies, tokenized securities and digital assets. The company will also expand its technology distribution with new offices in Europe, the United Arab Emirates, and soon in North and South America and Southeast Asia.
"We are proud to welcome such high-profile investors as Credit Suisse and benefit from their expertise to further develop one of the most comprehensive platforms in the industry, covering all types of digital assets - far beyond cryptocurrencies." - Lamine Brahimi, Co-Founder and Managing Partner of Taurus