Swiss Digital Assets Infrastructure Firm Taurus Completes Series B Funding Round Led by Credit Suisse

Credit Suisse has led a $65 million series B funding round for Taurus. The latter is a digital asset infrastructure company based in Switzerland. The other companies that invested in the funding round include Deutsche Bank, Swiss private bank Pictet Group and tech investment company Cedar Mundi Ventures.

Credit Suisse leads a $65M Series B funding for Taurus

Besides the three, the other firms that participated in the funding round are the existing investors in the company, including Arab Bank Switzerland and Investis real estate group. Taurus said that the funding round was approved by the Swiss financial market regulator, the Financial Markets Supervisory Authority (FINMA).

The company managed to raise $65M from this funding round. According to a press release, the four co-founders of the digital asset infrastructure firm, Jean-Philippe Aumasson, Lamine Brahimi, Sebastien Dessimoz, and Oren-Olivier Puder, are still the largest shareholders in the company despite the new funding.

The series B funding round comes around three years since the company raised $11 million in a Series B funding round held in April 2022. According to one of the company’s co-founders, Dessimoz, the minority funding round commenced in May 2022 and ended in early February 2023.

This funding round shows Credit Suisse’s growing interest in the digital asset space. Despite institutional investors flocking to invest in the market in recent years, the bank has not invested much, with the only investments in the industry being AlgoTrader, Fnality, and FundsDLT. It also comes when Credit Suisse is reporting weak financial results and looking to restructure.

The CEO of Credit Suisse, André Helfenstein, commented on this investment, saying that

The strategic partnership with Taurus is a cornerstone of the Swiss Bank division’s digital assets strategy with the ambition to become the leading Swiss bank in that space. We continue to embrace new and innovative technologies and expect to soon launch several digital asset services for clients both on the issuing and the investment side.

Credit Suisse has been a client of Taurus for around two years. The bank has worked on multiple projects with Taurus’s help, such as tokenization and issuing a structured product.

Besides Credit Suisse, the other major player in the traditional financial sector that participated in this funding round is Deutsche Bank. The company noted that it would be integrating the technology provided by Taurus within its IT environment. This would form a crucial part of the Deutsche Bank digital asset custody platform and ease the process of launching crypto custody services.

Funds directed toward growth

Taurus has partnered with over 25 institutional clients based in eight countries. These clients include private banks, investment banks, crypto banks, retail banks, and brokerage platforms. The company believes it is Europe’s leading digital asset infrastructure provider for Tier 1 banks.

The company plans to use the raised funds to hire more engineers to create one of the most comprehensive platforms in the industry. It also plans to obtain easier client access by setting up new offices in Europe, UAE, America, and South-East Asia. Taurus is also focused on boosting security and ensuring it complies with regulatory requirements.

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