Swiss Arab Bank leads a financing round for a crypto startup…Details here
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Answer Swiss Arab Bank leads a financing round for a crypto startup…Details here
Crypto infrastructure startup Taurus Group has raised €10 million (about $11 million) in Series A funding.
The financing round was led by the Swiss Arab Bank, with the participation of the Tezos Foundation and other investors.
With the new capital, the Taurus Group plans to grow its team and expand its business into new markets across Europe.
Mr. Lamine Brahimi, co-founder of the Taurus Group, stated, to source By saying:
We are looking to expand our engineering and sales teams, with a focus on the European market, as we plan to open new offices in financial centers such as London, Frankfurt or Paris.
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Brahimi added that the company is looking to double its number of employees from 20 to 40 employees within the next 12 to 18 months.
Founded in April 2018, Geneva-based company Taurus provides digital asset issuance, custody and transfer infrastructure solutions to institutional clients such as banks, and its notable clients include SEBA, Vontobel and Arab Bank.
Brahimi added, in his statement to the same source:
Taurus has more than 10 clients from financial regulators, and the company is also in advanced discussions with a number of major European banks.
Serge Robin, CEO of the Swiss Arab Bank, informed of the Taurus Series A leadership, saying:
Our belief is that blockchain technology creates a new opportunity for the financial industry by tokenizing both traditional and digital assets.
We are seeing increased interest from our clients in this new type of asset during these trying times.
Swiss Arab Bank mainly serves high-income individuals and large family offices, and has dozens of clients.
Arab Bank Switzerland currently provides advisory, custody and brokerage services for Bitcoin and Ethereum, and plans to add Ripple support next month via Taurus’ infrastructure.
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It is still unclear how much money has been raised for Taurus so far.
The company declined to reveal the total amount, as well as its valuation, but said it had 7-figure revenue in 2019, and Taurus is not looking to raise more money in the near future.
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