Friday, September 22, 2023

The digital asset provider raises $65 million in Series B led by Credit Suisse


Taurus, a provider of digital asset infrastructure for financial institutions in Europe, has raised $65 million in a Series B capital raise led by Credit Suisse. The funding round also saw the participation of several other institutional investors, including Deutsche Bank, Pictet Group, Cedar Mundi Ventures, Arab Bank Switzerland, and Investis.

According to the announcement, Taurus will use the funds raised to further its growth strategy in three key areas, which include; Hiring top engineering talent to continue developing its platform, expanding its sales and orchestrating customer success to enhance infrastructure solutions with new offices in Europe, the UAE, and later the Americas and Southeast Asia, and finally, maintaining stricter security, risk, and compliance requirements across product lines, operations, and organizations.

Taurus has built partnerships with more than 25 financial institutions and corporate clients across eight countries and three continents. Taurus clients include financial institutions such as Swiss Arab Bank, CACEIS, Credit Suisse, Deutsche Bank, Pictet, Swissquote and Vontobel.

Taurus said it sees huge potential for the digital asset industry to reach a value of more than $10 trillion through the digitization of private assets. The company has already played a role in tokenizing 15 deals with a range of issuers, including banks, asset managers, SMEs and start-ups in Switzerland and the EU. In addition, Taurus was recently chosen by a publicly traded insurance company to tokenize real assets.

Related Topics: History and Evolution of the FinTech Industry

Despite being in a bear market, digital asset companies continue to raise capital for development and innovation within the ecosystem.

On January 24, Cointelegraph reported that blockchain development platform QuickNode had closed a $60 million funding round as part of a global expansion aimed at onboarding more users and developers with Web3 applications. Venture capital firm 10T Holdings led the increase in Series B, which QuickNode was valued at $800 million, with participation from Tiger Global, Seven Seven Six and QED.