Despite Crypto Winter, Banks Help Taurus in Raising Capital for Improving Crypto Services
Taurus SA, which is a relatively new entrant in the digital asset industry, has ended the B-series round of funding on a high note. The crypto company successfully raised capital of more than $65 Million.
Most importantly, the funding round was predominantly led by some of the major financial institutions of the world, particularly European.
For instance, Deutsche Bank i.e. one of the largest European banks was the major contributor to the funding round.
Other major and prominent capital funding providers included the Arab Bank of Switzerland as well as the globally acclaimed Pictet Group.
Even entities from the real estate sector like Investis also ensured commendable contributions in the funding round.
Future Ambitions of Taurus SA
Taurus is widely known in the banking sector as it offers digital asset integration services to a number of financial institutions.
Over the course of time, it has increased its specialties in a particular sector. It has been advancing in the particular sector and can perform the same way when it comes to cryptocurrencies.
The crypto company stated that it shall be utilizing the raised funds for improving its services rendered through its crypto platform. The funds will go a long way in advancing their technology and capabilities in the particular sector.
It further said that the crypto industry is in need of volunteers who can help it expand and to ensure continuous growth. So far, they have witnessed a great level of input from the contributors and hope for it to grow in the future.
Taurus further revealed that it will bring improvement in its cryptocurrency and stablecoin offerings and products for which talent shall be hired.
As was informed by Taurus, the company is eying at establishing multiple office locations in various member states across Europe.
It further showed its intention of expanding in the UAE markets in particular in the tax-free zone of Dubai.
Further plans also include expansion into Asia, Africa, and South American countries. It said that the company’s primary goal is to take its services to potential clients across the globe.
Commitment to Security and Compliance
One of the priorities pointed out by Taurus related to its commitment to improving security and regulatory compliance.
Since Taurus is a Swiss-registered entity, it comes under the oversight of the Financial Market Supervisory Authority of Switzerland (FINMA).
The funding round of Taurus was hence initiated after obtaining prior approval and consent of FINMA.
Lamine Brahimi, one of the four founders of Taurus, stated that $65 Million capital shows the quality and standard maintained by Taurus.
He appreciated the investors in making the funding round successfully despite the ongoing unfavorable atmosphere existing in the crypto industry. He was referring to the prolonged crypto winter season.
Brahimi also appreciated the fact that high-profile investors, in the shape of trusted financial institutions, took part in the funding round.
He said that banks’ contribution would help Taurus utilize their expertise and experience in further improving its services.
He also claimed that Taurus is currently one of the best platforms in the industry in terms of the availability of funds and resources.
Brahimi said that the platform of Taurus is capable of offering more than what it has been offering already.
Credit Suisse Comments
Andre Helfenstein, Credit Suisse’s CEO, stressed that Taurus’s contribution to the industry is ‘extraordinary’.
He hoped Taurus shall continue to adopt emerging technologies for introducing fresh and unique crypto products and services.
Presently, it is considered risky to initiate capital raising in an unbecoming business environment. However, it is because of the trust and confidence enjoyed by Taurus that the crypto company dared to initiate the B-funding round.
The success of Taurus’s funding round proves that investors’ confidence in Taurus hasn’t shaken a bit, even after the catastrophic end of FTX, etc.