Digital asset infrastructure provider Taurus has secured millions of U.S. dollars in investment from major banking institutions. The successful funding round comes in the aftermath of negative developments in the crypto space, indicating that large players from traditional finance remain engaged with the market despite its woes.
Credit Suisse, Deutsche Bank Invest in Digital Asset Firm Taurus Amid Ongoing Crypto Winter
Swiss crypto company Taurus SA has raised $65 million in a Series B funding round led by the banking giant Credit Suisse. Three other major financial institutions — Deutsche Bank, Pictet Group, Arab Bank Switzerland — and the real-estate group Investis have also taken part.
Taurus, a leading digital asset infrastructure provider for financial institutions in Europe, said it will continue to invest in the further development of its platform offering services related to cryptocurrencies, other digital assets and tokenized securities, including by hiring top engineering talent.
The Geneva-based company also revealed it intends to accelerate its technology sales expansion by opening new offices in Europe and the United Arab Emirates as well as North and South America and South-East Asia a little later. The goal is to get closer to its clients around the world.
Another priority highlighted by the crypto firm is to maintain stringent security while meeting risk and compliance requirements. Taurus, which holds a license from Switzerland’s Financial Market Supervisory Authority (FINMA), is currently operating in eight countries, Bloomberg noted in a report.
The funding transaction has been approved by the watchdog, the company emphasized. It also said that its four co-founders, Lamine Brahimi, Sébastien Dessimoz, Oren-Olivier Puder, and Dr. Jean-Philippe Aumasson, are still the largest shareholders and remain at its helm. Brahimi commented:
Raising $65 million in the current market environment tells a lot about the quality of Taurus’ people and 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,” the managing partner added.
CEO of Credit Suisse André Helfenstein insisted the partnership with Taurus is a cornerstone in the digital assets strategy of the bank’s Swiss division. “We continue to embrace new and innovative technologies and expect to soon launch several digital asset services for clients both on the issuing and the investment side,” he elaborated.
Deals like that, only a few these days, come amid shaken investor confidence in the crypto market, which saw a slump in prices last year and a series of high-profile collapses, such as that of leading crypto exchange FTX. At the same time, a recent study showed that the Zug-centered Swiss Crypto Valley is weathering the storm relatively well.