Saturday, May 18, 2024

Traditional banking institutions are continuing to invest in digital asset infrastructure providers, despite the recent crypto winter. In a recent funding round, Taurus—a Swiss company that provides blockchain software and services—secured millions of U.S. dollars in investment from Credit Suisse, ING, and other banks. The funding round is seen as a sign that traditional finance is interested in the future of digital assets, despite the current market conditions.

While the crypto winter holds crypto firms back, banks invest in digital asset firms anyways

Credit Suisse, Deutsche Bank Invest in Digital Asset Firm Taurus Amid Ongoing Crypto Winter

The $65 million Series B funding round, which was led by Credit Suisse, marks the latest investment into digital asset firms. Three other major financial institutions – Deutsche Bank, Pictet Group, Arab Bank Switzerland – and the real-estate group Investis have also taken part in the funding transaction.

Taurus CEO André Helfenstein emphasized that the partnership with Credit Suisse is a cornerstone in the digital assets strategy of the bank’s Swiss division. “We are excited to add Credit Suisse to our investor base, as they share our vision of developing a leading crypto company,” Helfenstein said in a statement.

The investment marks another step forward for Taurus, which has been working to expand its offerings beyond just digital asset infrastructure provisioning. In May, the company announced it had partnered with AlphaPoint to offer institutional investors access to its blockchain platform.

Credit Suisse, other banks are investing in the Swiss Crypto Company, Taurus, because they see the potential and the potential for growth in the digital asset industry. This move will help propel the company forward and increase its chances of success.

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