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Custody Firm Taurus Partners With Temenos Bringing Crypto Wallets to Thousands of Banks
Banks will be able to access a wide range of digital assets, including cryptocurrencies, tokenized securities, stablecoins, and even memecoins, if their risk department allows it, according to Taurus co-founder Lamine Brahimi.
Banks using Temenos will gain one-click crypto wallets that seamlessly connect with traditional accounts, as well as automated deposit, transfer, and withdrawals, and real-time booking, reconciliation and regulatory reporting for digital assets.
Taurus, a Swiss cryptocurrency custody specialist, is collaborating with Temenos, a firm that provides core banking software, to allow banks to quickly and easily create crypto wallets and transfer a wide range of digital assets.
Taurus co-founder Lamine Brahimi expects the integration to be ready to start in Q1 of next year, in anticipation of regulatory clarity in the US and the implementation of the markets in crypto assets regulation (MiCA) in Europe.
Temenos is a major player in the financial industry, with 67 offices in 40 countries, serving over 3000 banks and financial institutions, making this collaboration a significant development in the adoption of cryptocurrency by traditional banks.
Swiss cryptocurrency custody specialist Taurus is collaborating with Temenos, a firm that provides core banking software to many of the world’s largest financial institutions, allowing those banks to quickly and easily create crypto wallets and transfer a wide range of digital assets.
This collaboration is important as the Geneva-headquartered Temenos is quite big: the firm has 67 offices in 40 countries and serves over 3000 banks and financial institutions. Taurus, whose crypto custody clients include the likes of Deutsche Bank and State Street, says it is the first digital asset custody platform to fully integrate with Temenos.
The integration means banks using Temenos can avail themselves of one-click crypto wallets that seamlessly connect with traditional accounts, as well as automated deposit, transfer, and withdrawals, and real-time booking, reconciliation and regulatory reporting for digital assets, according to a press release.
“It means banks using Temenos can have exposure to any type of digital assets they want,” Taurus co-founder Lamine Brahimi told CoinDesk in an interview. “That could be cryptocurrencies, tokenized securities, stablecoins, even memecoins if they wish and their risk department is open to it.”
It’s good timing, Brahimi said, given the imminent arrival of a pro-crypto administration in the U.S., as well as Europe going live with the markets in crypto assets regulation (MiCA).
“Everybody is preparing for regulatory clarity in the U.S.,” Brahimi said. “America is a big market for Temenos and they have a lot of their C suite there. So, we are making ourselves ready, not just in the U.S., but everywhere; hopefully to start in Q1 of next year.”