Swiss-Based Digital Asset Firm Taurus Secures $65M In Series B Funding Led By Credit Suisse
The Switzerland-based digital asset solutions provider, Taurus SA, is reported to have raised $65 million in a Series B funding phase. The company provides digital services to financial institutions in Europe.
Landing The Series B Funding
The latest funding round comes almost three years after Taurus raised $11 million in Series A funding, with the Series B starting in May 2022 and closing earlier in February 2023. Credit Suisse, which led the latest financing round, is Switzerland’s second-biggest financial institution by assets.
Also included in the financing is Germany’s largest bank, Deutsche Bank, Pictet Group, one of Switzerland’s oldest private banks, and Lebanese tech-focused venture capitalist, Cedar Mundi Ventures. Furthermore, Taurus added that its existing investors, like Arab Bank Switzerland and Investis, a Swiss real estate firm, were also part of the Series B funding round.
According to Taurus, the Swiss financial watchdog, FINMA, has approved the funding partnership. Four of Taurus’ co-founders, Lamine Brahimi, Oren-Olivier Puder, Jean-Philippe Aumasson and Sebastien Dessimoz, still maintain their status as the company’s largest shareholders following the new funding round.
Credit Suisse’s Role
As one of the leading banks in the country, Credit Suisse’s role in the current investment is notable because the bank has yet to make a significant investment in the crypto industry like others. Fnality, AlgoTrader and FundsDLT are the only crypto-based entities to have seen significant investments from the Swiss bank.
Commenting on why the bank invested in Taurus, the spokesperson stated that the firm has a reputation and expertise in providing digital asset services to institutional players. Hence, Credit Suisse is focused on custody service and tokenization, which would help expose the bank’s clients to cryptocurrency.
Furthermore, the spokesperson revealed that using distributed ledger technology (DLT) features could help boost the efficiency of the traditional finance system, which was not possible in the past or was expensive to adopt.
Credit Suisse and Taurus have had a working relationship for close to two years, as disclosed by the spokesperson. The bank has undertaken numerous projects with Taurus as a partner and has launched multiple initiatives on working with different crypto asset classes.
Growing Institutional Clients
According to Sebastien Dessimoz, one of Taurus’s key shareholders, the world of traditional finance is steadily merging with digital assets. It implies that more financial institutions will enter crypto in the coming years.
Taurus is reportedly servicing more than 25 institutional clients, and the firm has witnessed significant expansion as the years pass by, added Dessimoz. The firm’s market share in Switzerland is around 50% to 60%, and expansion plans are on the way to ensure Taurus has a presence in Paris and Dubai, Dessimoz said.
In addition, the company also plans to begin operations in Southeast Asia and the Americas. Due to the ongoing expansion spree, Taurus is looking to add more talent by increasing its headcount from 60 to 100 workforce before the end of the year.
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