Digital Asset Infrastructure Firm Taurus Raises $11M From Arab Bank Switzerland, Tezos
Taurus Group has secured more than €10 million in an Arab Bank Switzerland-led Series A funding round in a resoundingly successful bid to expand.
Back in September 2019, the digital assets firm and Arab Bank Switzerland closed a partnership to offer the bank’s customers Bitcoin (BTC) and Ether (ETH) brokerage and custody services. It has been revealed today that the bank will add in the following month XRP to its same services.
@taurusgroup_ch is thrilled to announce the closing of a 8-digit funding round from existing and new shareholders to digitize private markets. New shareholders include Arab Bank Switzerland, Investis Group, @lombardodier and @TezosFoundation 🚀https://t.co/0hggGFRVum
— Taurus Group (@taurusgroup_ch) April 29, 2020
Taurus Plans to Open Offices in Other 3 European Major Cities
Based in Geneva, Switzerland – Taurus offers institutional clients market infrastructure solutions in the area of digital assets.
On Wednesday, it announced that it’s planning to open new offices in Paris, Frankfurt and London. Arab Bank Switzerland says that it functions as a bridge between the Western and Arab worlds.
It has led the private Swiss bank Lombard Odier’s Series A funding round too. Listed on the Taurus Series A funding round were also the Tezos Foundation, Investis, also other private and strategic investors that didn’t have their names mentioned. According to Taurus, the co-founders of the company will continue to be the majority shareholders.
Taurus’ European Expansion Comes to Satisfy the High Demand
Series A funding rounds usually take place to ensure a company that has the intention to develop new products and to attract talents for further expansion is continuing to grow. Here’s what Arab Bank Switzerland’s CEO, Serge Robin, had to say about this:
“The financial industry of tomorrow will leverage the blockchain technology both via traditional asset tokenization and digital assets.”
When it comes to the Taurus Group’s growth, the firm’s co-founder, Sebastien Dessimoz, explained a scale-up in engineering and product teams is going to take place as Taurus is expanding on the new markets. Here are Dessimoz’s exact words:
“Taurus is already well established in Switzerland and we have seen a growing demand from other European countries, including France, the United Kingdom and the DACH region.”
The DACH countries are Austria, Switzerland and Germany.
Crypto Banking Institutions Attracted by Switzerland
Switzerland plays host to many crypto banking institutions, Sygnum and Seba Crypto AG as examples. Both of these have obtained securities, dealer, and banking licenses from the country’s regulators.
When it comes to the Swiss financial institutions, the private bank Marki Baumans said last year that it gained 400 new customers, soon after it has it expanded its blockchain offerings and expressed interest in the crypto industry.