As per the latest Credit Suisse news today, the investment giant has led the Series B funding round of Taurus. In its latest funding round, the swiss crypto firm also bagged investments from Deutsche Bank, Pictet Group, and Arab Bank of Switzerland. A total of $65 million was raised in funding by the digital assets infrastructure provider.
Taurus is a Swiss firm that is based in Geneva, Switzerland. The company has previously collaborated with around 25 financial institutions and offers crypto custodial and tokenization services. It also provides decentralized finance services like crypto staking and digital assets exchange.
Taurus’ T-DX platform is one of the first regulated platforms across the globe that hosts the trading of tokenized securities. The Series A funding round of the company was led by the Arab Bank of Switzerland and took place in April 2021. During this round, the firm raised 10 million euros from its investors.
Credit Suisse Leads $65m Crypto Funding Round
Investment by traditional financial giants in crypto businesses acknowledges that the underlying technology is here to stay. Many analysts were predicting that it would be hard for digital asset firms to raise funds due to the collapse of Celsius and FTX. However, recent news suggests the opposite, as global institutional capital keeps flowing into crypto.
The global crypto markets are in turmoil due to the high-interest rates in the US. The recent bankruptcies of centralized crypto giants like FTX, Voyager Digital, and Celsius have hurt investor sentiment. However, the institutional interest in blockchain infrastructure providers is increasing every day. The recent funding comes when Credit Suisse is already facing financial issues and its stock price is tumbling.
Taurus has declined to reveal the valuation of the company in the latest funding round. However, the firm has indicated that the raised capital would be utilized to expand its operations in the United Arab Emirates and Europe. The firms executives have welcomed the funding from Credit Suisse and other traditional financial institutions.
We are proud to welcome such high-profile investors as Credit Suisse and benefit from their expertise to further develop one of the richest platforms in the industry, covering any type of digital asset, way beyond cryptocurrencies.
Lamine Brahimi – Co-founder Taurus
The raised funds would be utilized to hire top engineering talent as well as to open new offices across Europe & Middle East. Despite the recent funding round of $65 million, Taurus co-founders remain the biggest shareholders in the company.