Why Banks Are Investing $65 Million in Fintech Company Taurus

Taurus, a fintech company based in western Switzerland, has mastered several disciplines that can be highly beneficial to banks. The startup knows how tokenization works, is a blockchain company, masters the handling and custody of digital assets, cryptos included, is at home in DeFi, and bundles its offerings for banks, issuers, and investors on the TDX (Taurus Digital Exchange) marketplace.

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TDX is a regulated marketplace based exclusively on technology from Taurus

This means that Taurus has all the central know-how and tech arrows bundled in its quiver, which banks and financial institutions can also use to shoot their arrows in a targeted manner. Towards the wishes and demands of customers around digital assets. Taurus was also part of the recent feasibility study (trading tokenized securities via a public blockchain) that set a milestone for the Swiss financial center, MoneyToday.ch reported.

The company, which has been operating with a license as a FINMA securities firm since 2021, then has numerous banks and financial institutions in its customer portfolio. Obviously, banks like to get closer and also get involved as investors.

$65 million investments from banks

In the current Series B financing round, led by Credit Suisse, three other banks were on board: Deutsche Bank, Pictet Group, and Arab Bank Switzerland. The banks’ motivations for the investment are obvious – and are addressed by the banks themselves.

André Helfenstein, CEO of Credit Suisse (Switzerland), commented: “The strategic partnership with Taurus is a cornerstone of the Swiss Bank division’s digital assets strategy with the goal of becoming the leading Swiss bank in this area. We continue to embrace new and innovative technologies and expect to soon launch several digital asset services for clients on both the issuance and investment side.”

Sabih Behzad, Head of Digital Assets and Currencies Transformation, Deutsche Bank, also gets specific: “We will integrate Taurus’ technology into our own IT environment. This will be an important part of our digital asset custody platform and will help us develop and roll out our digital asset custody offering.”

What’s on the agenda for Taurus?

The technology company plans to use the capital raised to further develop its platform and expand it into the most comprehensive offering. Banks and financial service providers should be able to organize and manage any type of digital assets, far beyond cryptocurrencies.

In addition, Taurus plans to expand its geographical radius with new branches – first in Europe and the United Arab Emirates, and shortly thereafter in the USA and Southeast Asia.

Even after the $65 million cash injection, founders Lamine Brahimi, Sébastien Dessimoz, Oren-Olivier Puder, and Jean-Philippe Aumasson remain Taurus’ largest shareholders and will continue to lead the company.

Taurus was founded in 2018 with the vision of building one of the first regulated exchanges for digital assets. Whether it was one of the first doesn’t necessarily matter; in terms of technology, security, and breadth of offerings, the company is right on track. This is also the reason why Taurus has numerous banks and financial service providers on its client list and why the company has also become interesting for banks as investors.

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(Featured image by Henrique Ferreira via Unsplash)

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First published in MoneyToday.ch, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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