‘Landmark Transactions’ To Come After Credit Suisse Deal, Taurus Exec Says

Credit Suisse and Deutsche Bank took part in a $65 million Taurus round as the firm is eyeing an expansion across Europe, Asia

article-image

Blockworks Exclusive Art by Axel Rangel

share

Crypto infrastructure provider Taurus is gearing up to open offices in Paris and Dubai — and boost its engineering team via incoming capital from two prominent banks. 

The plans come after Credit Suisse led Taurus’ $65 million funding round. That news broke on Tuesday. Deutsche Bank also participated in the capital infusion. 

André Helfenstein, chief executive for two of the bank’s Switzerland affiliates, said in a statement that the company, via its partnership with Taurus, is looking to be the leading Swiss bank in the digital assets space. 

“We continue to embrace new and innovative technologies, and expect to soon launch several digital asset services for clients on both the issuing and the investment side,” Helfenstein said.

Founded in 2018, Geneva-based Taurus offers clients the ability to manage cryptoassets, execute staking, tokenize assets and process digital currencies of their choice.  

Taurus co-founder Lamine Brahimi said in a statement it would utilize Credit Suisse’s expertise to develop a platform that covers any type of digital assets, beyond just cryptocurrencies.

The link-up with Credit Suisse comes after France-based Banque Delubac & Cie collaborated with Taurus last April to launch its digital asset offering.

Brahimi told Blockworks at the time that he expected more incumbent banks to follow Banque Delubac & Cie in moving into the space. 

What’s next for Taurus?

Brahimi said there’s “premium” working with strategic partners versus pure financial investors.

“Being able to scale some transactions we’ve made — equity, debt, structured products — with such banks with a global footprint will be win-win-win,” the co-founder told Blockworks in a statement on Tuesday. “[Credit Suisse and Deutsche Bank] have or are integrating our tech and you will see landmark transactions in the coming months.”

In addition to making engineering hires, the company intends to use the $65 million to open up more offices and maintain “stringent” security, risk and compliance requirements.

Brahimi said engineers make up roughly 70% of Taurus’ current staff. The Ethereum Foundation selected Taurus in May 2021 to lead a security review of Ethereum beacon clients. 

As for global expansion, Taurus said it’s looking to enter the European Union with an office in Paris. There are also plans in place to establish a Middle Eastern foothold via an office in Dubai. 

Dubai, which rolled out its first crypto legislation in March 2022, said last month it has become home to more than 500 crypto companies

“It’s important to be close to our clients and key financial centers where we see an acceleration,” Brahimi said. “Paris and the UAE are good hubs also to serve neighboring financial centers.”

Brahimi said he expects regulatory clarity to come around tokenized securities in most key financial centers — as well as stricter enforcement around the boundary between a cryptocurrency and a security.

“We might see some commercial stablecoins initiatives led by regulated institutions,” he said. “As a tech firm that is itself regulated, Taurus is ideally positioned to serve clients looking for top-notch security and regulatory compliance.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

👨‍⚖️ SBF’s courtroom sequel: Plus, Coinbase’s legal loss was DeFi’s gain

article-image

Public mining companies have been acquiring sites, refreshing machine fleets and diversifying business models in preparation for the event

article-image

Exploit shows centralization can sometimes be an asset

article-image

The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to the firm’s Wednesday registration statement

article-image

The DAO first voted on enabling SAFE transfers over a year ago