Despite the bear market and some tragic events for the crypto sector such as the FTX scandal and the bankruptcy of Terra last year, blockchain and cryptocurrencies have not stopped arousing interest among institutional and non-institutional bodies. A very concrete example is the partnership between Deutsche Bank, the largest German bank and one of the most important in Europe, and Taurus, a Swiss company that deals with the management and custody of digital assets.
The billion-dollar turnover of the crypto sector does not leave banks and large private and public institutions indifferent which, in the shadow of an apparently suffering market, are building an increasingly dense network that links them to the blockchain.
Deutsche Bank will initially deal with cryptocurrency custody services, a tool increasingly sought after by users terrified by the thought of losing their assets due to carelessness or for reasons beyond their control. The numerous hacks to which digital wallets such as Metamask, or other bridges are subjected, certainly do not encourage millions of potential customers, even if attracted by the technology and speculation that the sector offers.
The potential earnings also push banks to equip themselves in order to offer the best custodial services for customers, fully understanding that the future will not be able to do without cryptocurrencies. In fact, the German company aims to offer custody services not only for Bitcoin but also for other cryptocurrencies and NFTs. In fact, from the Taurus website you can read about some partnerships, for example with the Ethereum Foundation, the Tezos Foundation and the Cardano Foundation.
Will Deutsche Bank also convince other European banks to change their approach to cryptocurrencies?
While waiting for the approval of the new European Union regulations, large institutional investors are doing their best to avoid losing ground compared to their competitors. The next bullrun will certainly push cryptocurrency trading volumes to a new level and it is no longer possible to ignore the volume of money generated.
The time of the speculative bubble is now long gone. Today it has been understood that blockchain and cryptocurrencies are here to stay and to support the world economic system in the coming years.
