- Deutsche Bank partners with Taurus Group to offer crypto custody services.
- Algorand community cheers the partnership, hoping for mainstream adoption.
- Algorand price soars 3% on the news of the partnership.
In a recent tweet, Mason Versluis, the founder of the GOLD SQUAD Discord community with over 26,000 members, and the crypto trading indicator company Paytience spotlighted a development he believes will significantly impact the Algorand (ALGO) ecosystem.
Versluis shared that Deutsche Bank, the largest bank in Germany and the ninth largest in Europe, has forged a new partnership with Taurus Group, a Swiss crypto firm financial services company.
The Algorand enthusiast is particularly excited about the collaboration given that Taurus Group had integrated with Algorand just last year. Versluis emphasized the continuous expansion of connections, which he believes will ultimately impact Algorand’s growth. Commenters to the tweet expressed similar enthusiasm.
Moreover, Versluis highlighted that Deutsche Bank currently oversees a staggering 1.3 trillion euros in assets.
Algorand has seen a 3% uptick in value in the last 24 hours. Crypto market participants bought and sold nearly $20 million of the digital asset within the same period, putting its value at $0.09374.
Meanwhile, the partnership between Deutsche Bank and Taurus Group will see the German bank offer custody services tailored to institutional clients. In particular, the bank will help the institutions manage their cryptocurrency holdings and tokenized assets.
Additionally, a spokesperson from Deutsche Bank confirmed that the bank will be offering crypto custody services for the first time, given the collaboration.
However, a prominent crypto CEO, Julian Hosp, offered a somewhat muted perspective on the initiative from the German bank. Hosp pointed out that the development might not generate much excitement in Germany, as the ability to purchase crypto already exists through exchanges.
Moreover, Hosp argued that the influx of banks into the crypto arena may not substantially increase capital inflow or attract new participants.
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