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- Crypto startup Taurus Labs said that it will use funds from a fundraiser to expand its operations globally and strengthen regulatory requirements.
- It will work with the world’s largest banks on different kinds of digital assets including cryptocurrencies, digital currencies, and tokenized securities.
Traditional banking giants are making a move in the crypto space by investing in crypto startups having strong future potential. On Tuesday, February 14, Swiss startup Taurus SA announced a $65 million fundraising in the Series B round led by Credit Suisse.
Three other major financial institutions that participated in the funding include Deutsche Bank, Pictet Group, and Arab Bank Switzerland. Crypto startup Taurus Labs provides an infrastructure to issue, custody, and trade digital assets.
The company noted that it will use this funding to improve its platform services as well as expand internationally. Besides, the funds will support the crypto startup’s growth strategy across three major verticals:
- Hiring top talent to improve the platform functionality and services.
- Client acquisition with expanding its sales and services to top-tier overseas destinations like Europe, UAE, and soon after in the Americas and South-East Asia.
- Investing in strengthening security, risk, and compliance requirements across product lines, processes, and organizations.
The recent fundraiser by Taurus comes at a time of extreme economic uncertainty and a slowdown in the crypto space. Speaking on the development, Brahimi said:
Raising USD 65mn 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.
Serving Top-Tier Banks
Furthermore, the crypto startup also seeks to service some of the world’s largest banks on different kinds of digital assets including cryptocurrencies, digital currencies, and tokenized securities. The recent investment from giants like Credit Suisse and Deutsche Bank has received approval from the Swiss Financial Market Supervisory Authority (FINMA) – a government agency that looks after monetary regulations.
As of now, Taurus is already working with more than 25 financial institutions and corporate clients across eight countries and three continents. Its portfolio of clients includes retail and online banks, crypto banks, private banks, investment banks, and broker-dealers. Lamine Brahimi, co-founder and Managing Partner of Taurus, said:
Raising USD 65mn 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 Deutsche Bank has also vowed to integrate Taurus’ technology into its IT environment. They said that this would form a key part of their digital assets custody program. The Deutsche Bank has been actively involved in the crypto space for a while.
The banking giant is looking to acquire a stake in the Bitcoin ETF company and is currently in talks with Galaxy Digital.
