‘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
Blockworks Exclusive Art by Axel Rangel
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.”
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