Cryptocurrency company Taurus raises JPY 8.6 billion led by Credit Suisse


Series B round led by Credit Suisse

Geneva, Switzerland-based fintech company Taurus announced today that it has raised approximately ¥8.6 billion ($65 million) in a Series B round led by Credit Suisse.

Credit Suisse is the second largest Swiss bank by assets. Other participants included Deutsche Bank, Swiss private bank Pictet Group, technology-focused Lebanese investment firm Cedar Mundi Ventures, Arab Bank Switzerland and listed real estate firm Investis.

Taurus is a company founded in 2018. For financial institutions and companies, we provide infrastructure for various digital assets such as custody, issuance and management of tokenized securities (security tokens) and crypto assets (virtual currency), and virtual currency trading services.

In addition to Credit Suisse, Arab Bank Switzerland, Pictet Group, Deutsche Bank, CACEIS, Swissquote, Vontobel and many other banks are among its clients.

The funds raised this time will be preferentially allocated to the following three growth strategies.

  • Hire talented engineers to further develop the platform
  • Establish new bases in Europe, United Arab Emirates, North and South America, and Southeast Asia to sell infrastructure solutions and build a customer base
  • Maintain strict requirements in security, risk and legal compliance

What is a security token

It is “to tokenize securities and exchange them on the blockchain”. Securities must prove the assets they hold, and based on the fact that their value is secured by legal currency, etc., security tokens can be rephrased as “stocks, bonds, etc. managed on the blockchain”. be done.

▶Cryptocurrency Glossary

Focus on tokenization of securities

Credit Suisse is notable for being the lead investor in this round, as it has only invested in a few companies in the cryptocurrency space. A Credit Suisse spokesperson explained the investment as follows:

We see great potential in the digital asset space, especially in the tokenization of regulated securities.

Furthermore, we believe that the use of DLT (distributed ledger technology) can bring new capabilities to financial instruments that were previously impossible or costly. Our customers also have an ongoing interest in these technologies and their possibilities.

The spokesperson continued that Credit Suisse has been a Taurus customer for about two years and has worked with the company on several projects, including asset tokenization.

Credit Suisse already stores digital assets on behalf of its customers. In September 2022, in the second quarter (April-June) financial report, it was revealed that it had security tokens worth about 4.4 billion yen.

connection: Credit Suisse reveals customers’ digital assets under custody

Tech giant Siemens also issues digital bonds

In recent years, the number of companies issuing security tokens such as digital bonds has increased. On the 14th, tech giant Siemens just reported that it has issued about ¥8.6 billion (€60 million) in digital bonds on the Polygon (MATIC) blockchain.

connection: German technology giant Siemens issues corporate bonds in Polygon

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