Switzerland's Taurus Raises $65M to Grow Digital Asset Platform

Taurus has raised $65 million in a Series B round to grow its digital asset platform.

The provider of digital asset infrastructure for financial institutions in Europe said in a Tuesday (Feb. 14) press release that it would use the new capital from Credit Suisse and other investors to continue building its platform and accelerating its international expansion.

“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 cryptocurrency,” Taurus Co-founder and Managing Partner Lamine Brahimi said in the release.

PYMNTS research has found that financial institutions are not meeting consumers’ interests regarding cryptocurrencies.

While nearly one in four Americans had owned cryptocurrencies at some point by January 2022, crypto is simply not a top priority for many banks, according to the “Digital-First Banking Tracker,” a PYMNTS and NCR collaboration.

The report added that while most banks are not currently adopting crypto-related products and services, some are, and there are many opportunities for banks to leverage crypto to meet consumers’ growing digital needs.

With its new funding, Taurus will add engineering talent to develop its platform further and service any type of digital asset, including cryptocurrencies, tokenized securities and digital currencies, according to the press release.

The company said in the release that it believes the next big opportunity for the digital asset industry is the digitization of private assets, adding that it has been involved in tokenizing 15 deals.

Taurus will also expand sales with new offices in Europe, the United Arab Emirates (UAE) and, soon after that, the Americas and Southeast Asia. The firm already works with 25 financial institutions and corporate clients in eight countries and on three continents, the release said.

“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,” Credit Suisse CEO André Helfenstein said in the release. “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.”