Geneva-based digital asset firm Taurus raised $65 million in a financing round led by Swiss bank Credit Suisse, the company said in a press release Tuesday. The transaction, backed by other major banks, including Deutsche Bank, shows TradFi institutions remain interested in crypto assets despite a persisting downturn.

Taurus to Fuel Expansion with Fresh Capital

Swiss digital asset infrastructure firm Taurus has bagged $65 million in an equity funding round led by Credit Suisse, marking the latest bet by traditional finance (TradFi) institutions on the crypto sector despite the ongoing market downturn. Other banks participating in the funding round include Deutsche Bank, Pictet Group, Arab Bank Switzerland, and Investis Holding.

Switzerland-based Taurus said it would use the fresh capital to hire new employees, fuel its international expansion, and continue developing its technology. The company said it plans to open new offices in Europe, UAE, as well as in the Americas and South-East Asia.

Founded in 2018 in Geneva, Taurus develops blockchain solutions that allow financial institutions to store and launch cryptocurrencies and tokenized securities. Taurus said that the Swiss financial regulator FINMA approved the deal, adding its co-founders Lamine Brahimi, Sebastien Dessimoz, Oren-Olivier Puder, and Jean-Philippe Aumasson will remain the company’s most significant shareholders.

“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.”

– Lamine Brahimi, co-founder and Managing Partner of Taurus

TradFi Institutions Continue Betting on Crypto

The deal, which brings Taurus’s valuation to several hundred million dollars, comes amid a persisting crypto winter defined by depressed crypto prices, weak startup funding, and a series of high-profile company collapses. Last month, crypto firm Genesis Global filed for bankruptcy protection after its debt to creditors accumulated to $3.4 billion.

But a funding deal of this scale indicates that some major TradFi institutions have faith in the digital assets space, including the beleaguered Credit Suisse. The second-biggest Swiss bank intends to use Taurus to develop its digital asset products, one of which will allow the bank to advise corporate clients on potential issuances using blockchain technology.

Deutsche Bank, the biggest bank in Germany, is also planning to roll out its digital asset custody offering in collaboration with Taurus, Deutsche’s global head of securities services, Paul Maley said. The bank unveiled plans to launch digital asset custody services in 2021.

This article originally appeared on The Tokenist

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.