Ben Strack

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.&nbsp;



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.&nbsp;



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.&nbsp;



“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,&#8221; 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.&nbsp;&nbsp;



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 &amp; Cie collaborated with Taurus last April to launch its digital asset offering.



Brahimi told Blockworks at the time that he <a href="https://blockworks.co/news/french-bank-delubac-cie-first-to-offer-regulated-digital-asset-services">expected more incumbent banks to follow Banque Delubac &amp; Cie</a> in moving into the space.&nbsp;



<h2>What’s next for Taurus?</h2>



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



“Being able to scale some transactions we&#8217;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 <a href="https://ethereum.foundation/" target="_blank" rel="noreferrer noopener">Foundation</a> 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.&nbsp;



Dubai, which <a href="https://blockworks.co/news/dubai-is-the-latest-government-to-roll-out-crypto-law-set-up-regulator">rolled out its first crypto legislation</a> in March 2022, said last month it has become <a href="https://blockworks.co/news/dubai-free-zone-now-home-to-more-than-500-crypto-startups">home to more than 500 crypto companies</a>.&nbsp;



“It&#8217;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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‘Landmark Transactions’ To Come After Credit Suisse Deal, Taurus Exec Says

Morgan Chittum

<div id="highlights-block_6241e5748becc" class="highlights">
 <ul>
 <li>NFTs have an estimated total addressable market (TAM) of over $1 trillion, according to Deutsche Bank</li>
 <li>Earlier this month, Meta CEO Mark Zuckerberg said the company was “working” on bringing NFTs to Instagram “in the near term”</li>
 </ul>
 
</div>



From <a href="https://cms.blockworks.co/twitter-integrates-nfts-with-new-profile-picture-feature/" target="_blank" rel="noreferrer noopener">Twitter’s move</a> to verify NFTs on user profiles, to <a href="https://cms.blockworks.co/youtube-doubles-down-on-nft-integration-exec-says/" target="_blank" rel="noreferrer noopener">YouTube execs&#8217; mentions</a> of integration of cryptoassets on its platform — companies have made advances to push the blockchain-based collectibles into the limelight the past year.



Instagram, however, may finally take non-fungible tokens (NFT) mainstream with its forthcoming integration, Deutsche Bank said in a research report published Sunday, <a href="https://www.coindesk.com/business/2022/03/28/nfts-could-go-mainstream-with-instagrams-planned-support-deutsche-bank-says/" target="_blank" rel="noreferrer noopener">cited by Coindesk</a>.



Mark Zuckerberg, chief executive of parent company Meta, earlier this month <a href="https://techcrunch.com/2022/03/15/instagram-nfts/" target="_blank" rel="noreferrer noopener">said</a> the company was “working” on bringing NFTs to Instagram “in the near term.”



Per a <a href="https://cms.blockworks.co/report-meta-will-incorporate-nfts-into-ambitious-metaverse-plans/" target="_blank" rel="noreferrer noopener">report</a> from the Financial Times, which cited sources familiar with the matter, the tech giant will launch an NFT marketplace. Instagram and Facebook will reportedly develop a feature to allow users to showcase NFTs on their profiles.



Instagram could lower barriers in the nascent space, the bank said, and simplify the purchase and selling process of NFTs. The NFT market is in “hyper growth mode” and garnered roughly $25 billion in transaction volume last year.&nbsp;



Additionally, Instagram’s brand recognition will “legitimize NFTs, which could serve to erode buying hesitancy across the company’s broader audience,” Deutsche Bank said.&nbsp;



Per the bank’s note, NFTs have an estimated total addressable market (TAM) of over $1 trillion. This figure is led by use cases such as art, gambling and collectibles.&nbsp;



Colin Fitzpatrick, founder of NFT startup Animal Concerts, previously told Blockworks that the chance of the company getting into NFTs is “highly likely,” but holders should be careful.&nbsp;



“The responsibility will fall on the NFT community’s shoulders to make sure Meta behaves fairly and doesn’t try to monopolize profits and what is supposed to be a democratic industry,” Fitzpatrick said.



The bank’s report follows on the heels of Morgan Stanley’s related <a href="https://cms.blockworks.co/morgan-stanley-sees-8-trillion-metaverse-market-eventually/" target="_blank" rel="noreferrer noopener">note</a> to clients last month, in which analysts predict the metaverse’s initial TAM in China will be roughly $4 trillion, as it replaces the mobile internet with a more “immersive experience.”



“We expect the metaverse TAM to be expansive and go beyond the current online consumption market, which is mainly dominated by e-commerce and online entertainment spending,” the note said.



Shares of Meta Platforms Inc. (FB) are down 0.69% at $220.28 at time of publication.



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