Crypto Firm Taurus Raises $65M from Credit Suisse

Taurus SA, a company specializing in blockchain and digital assets that was established in Geneva, Switzerland, in April 2018, has raised $65 million to develop its platform and its idea of going global. It announced a Series B capital round of USD 65 million from influential investors.

Taurus Series B Funding

The Series B round of financing for Taurus is being led by Credit Suisse and features new institutional investors like Deutsche Bank, Pictet Group, and Cedar Mundi Ventures as well as from Series A investors, Arab Bank Switzerland and Investis, a real estate company with a stock market listing. 

The Swiss Financial Market Supervisory Authority (FINMA), a government body in charge of monetary regulations, gave the transaction their approval.

The funds are reportedly being used to empower Taurus’ strategic plan, which includes hiring top engineering talent for additional development, expanding client relationships and sales, and upholding the toughest security, risk, and compliance standards across product lines, procedures, and organizations.

Co-Founder and Managing Partner of Taurus, Lamine Brahimi, claimed that the success of the fundraiser despite the current state of the economy shows the grade of the company’s goods. He continued: “We are proud to welcome such high-profile investors and benefit from their expertise to further develop one of the richest platforms in the industry, covering any type of digital assets, way beyond cryptocurrencies.” 

According to André Helfenstein, CEO of Credit Suisse (Switzerland), his company’s aims to become the dominant Swiss bank in the cryptocurrency area are reflected in the “strategic partnership” with Taurus.

The IT infrastructure at Deutsche Bank has committed to incorporate Taurus’ technologies. The partnership will be a “key part of our digital asset custody platform,” according to Sabih Behzad, Head of Digital Assets and Currencies Transformation at the bank.

In the meantime, in September of last year, 21.co reached its $2 billion valuation goal and was labeled “Switzerland’s largest crypto unicorn” after finishing its funding and collecting $25 million in a fundraising round.