Credit Suisse, the Swiss investment bank, is making a significant investment in the crypto world, with a $65 million contribution to the fundraising run of Taurus, a digital asset infrastructure dealer. This move represents Credit Suisse’s ongoing efforts to improve its financial results, which have seen mixed balance sheets in recent years. One of the measures taken by the bank to achieve this was a massive spending review, but the move to invest in the crypto sector has also played a role. The latest quarterly report shows that 30% of the bank’s total revenues now come from crypto.
Taurus plans to use the funds to expand its infrastructure and personnel, as well as build an operational network with representative and development offices in various countries. The company is focused on security, and it is licensed by FINMA in eight countries around the world. It also plans to invest in research and infrastructure to develop its platform, which covers any type of digital asset, well beyond cryptocurrencies.
The fact that Credit Suisse is investing in the crypto sector during difficult times for the industry highlights the growing importance of this sector. Commenting on the fundraising,
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 perspectiveAndré Helfenstein, CEO of Credit Suisse.
Credit Suisse’s investment in Taurus is part of a broader trend of investment banks and financial institutions investing in crypto companies and becoming more exposed to the crypto sector. For example, Goldman Sachs has started offering bitcoin derivatives to its clients, while JPMorgan has created its own digital currency. This trend is likely to continue as cryptocurrencies become more mainstream and gain wider acceptance.
The investment in Taurus is a clear sign of the growing importance of the crypto sector. With other investment banks and financial institutions following suit, it is clear that cryptocurrencies are here to stay. As the industry continues to mature, we can expect to see more traditional financial institutions making moves in the crypto space. The future looks bright for the crypto industry, and investors who are paying attention will likely reap the rewards.