Swiss investment bank, Credit Suisse, is investing in the cryptocurrency world.
In a $65 million fundraising run by the company Taurus, Credit Suisse provides the largest contribution.
Credit Suisse’s economic situation
Without bothering with the macroeconomic picture that has challenged many companies over the past year let’s look at the situation of the relevant industries.
Both the cryptocurrency and banking segments in particular have come from a difficult year and a half.
The last two years of the transalpine banking institution have seen mixed balance sheets (though more leaning to the negative).
Credit Suisse has put in place some measures that are getting it out of trouble.
One of the things done to improve the numbers was a massive spending review, but that alone would not have been enough.
The other step undertaken by the financial institution is to gradually invest in the crypto sector.
The first results of the road taken were seen with the latest quarterly report that saw 30% of the bank’s total revenues come from crypto itself.
With the latest roping in, the company climbs into the capital of Taurus and increases its exposure in the digital currencies sector.
The investment in Taurus
Swiss banking company is participating in a fundraising effort with a total value of $65 million.
The deal involved several financial institutions including Deutsche Bank, Pictet Group, Arab Bank Switzerland, and real estate group Investis.
Taurus is a digital asset infrastructure dealer that has grown a lot this year and has a well-defined investment plan.
The fact that the banking sector is investing in crypto on less than great days for crypto is a clear sign of the importance of the sector.
Taurus SA collects $65 million from class B fundraising, of which Credit Suisse is the largest contributor.
Taurus plans to continue putting resources into infrastructure expansion and personnel.
It also plans to build an operational network with representative and development offices in various countries.
Areas where the company has chosen to grow include Europe, the United Arab Emirates, the Americas, and Southeast Asia.
Besides investment in research and infrastructure, security is also a focus of Taurus.
The company is licensed by FINMA (Swiss Financial Market Supervisory Authority) in eight countries around the world.
The company is still of the “family-run” kind, in the sense that its co-founders still hold the majority of shares.
Lamine Brahimi, one of the four co-founders commented:
“Raising $65 million in the current market environment speaks volumes for the quality of Taurus’ people and products. We are proud to welcome such high-profile investors and benefit from their experience to further develop one of the leading platforms. richest assets in the industry, covering any type of digital asset, well beyond cryptocurrencies.”
Meanwhile, André Helfenstein, CEO of the Swiss bank, highlighted the collaboration with Taurus by stating:
“We continue to embrace new and innovative technologies and plan to launch several digital asset services for clients soon from both an issuance and investment perspective.”