Arab Bank Switzerland leads $11M Series A for crypto infrastructure startup Taurus Group
April 29, 2020, 8:00AM EDT · 2 min read
- Crypto infrastructure startup Taurus Group has raised around ~$11 million in Series A funding
- The round was led by Arab Bank Switzerland, with participation from Tezos Foundation and other investors
- Taurus Group co-founder Lamine Brahimi told The Block that the firm looks to expand into new markets across Europe
Crypto infrastructure startup Taurus Group has raised €10+ million (~$11 million) in Series A funding.
The round was led by Arab Bank Switzerland, with participation from Tezos Foundation and other new and existing investors.
With the fresh capital in place, Taurus Group plans to grow its team and expand its business into new markets across Europe.
“We look to expand our engineering and sales teams, with a European focus. We plan to open new offices in financial centers such as London, Frankfurt or Paris,” Taurus Group co-founder Lamine Brahimi told The Block.
The firm is looking to double its headcount from the current 20 to 40 in the next 12 to 18 months, said Brahimi.
Founded in April 2018, Geneva-based Taurus provides infrastructure solutions for issuance, custody and transfer of digital assets, to institutional clients such as banks. Some of its notable clients include SEBA, Vontobel and Arab Bank.
Brahimi told The Block that Taurus has "more than 10" clients that are financially regulated entities, adding that the firm is also in "advanced discussions" with "a number of top European banks."
On leading the Series A of Taurus, Arab Bank Switzerland CEO Serge Robin told The Block that it reflects "our belief that blockchain technology is creating a new opportunity for the financial industry both via traditional asset tokenization and digital assets."
"We're seeing an increasing interest from our clients for this new type of asset during these turbulent times," Robin added.
The bank primarily serves high-net-worth individuals and family offices, has has "more than tens of clients."
Arab Bank Switzerland currently provides advisory, custody and brokerage services for bitcoin (BTC) and ether (ETH), and is planning to add support for XRP next month via Taurus's infrastructure.
It remains unclear how much amount Taurus has raised to date. The firm declined to disclose the total sum, as well as its valuation, but said it made "7-digit revenues in 2019."
Taurus is not looking to raise more funds in the near future.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.