What to know:
- Temenos has 67 offices in 40 countries and serves over 3000 banks and financial institutions.
- The Taurus integration allows banks to do one-click crypto wallets that seamlessly connect with traditional accounts, as well as automated deposit, transfer, and withdrawals of all sorts of digital assets.
As a seasoned crypto investor with over two decades of experience navigating the ever-evolving financial landscape, I find the collaboration between Taurus and Temenos to be a game-changer. Coming from someone who has witnessed firsthand the challenges of integrating traditional banking systems with digital assets, this partnership promises to streamline the process for both banks and investors alike.
In simpler terms, Swiss digital asset custodian Taurus is working together with Temenos, a company known for its advanced banking software, enabling major global banks to swiftly and effortlessly set up cryptocurrency wallets and facilitate the transfer of various digital assets.
This partnership holds significance since Temenos, based in Geneva, is quite expansive: it operates 67 offices across 40 nations and caters to over 3000 banks and financial institutions worldwide. Taurus, which manages digital asset custody for notable clients such as Deutsche Bank and State Street, claims to be the first platform offering digital asset custody services that have been fully integrated with Temenos.
Through integration, banks utilizing Temenos gain access to one-click cryptocurrency wallets that easily link with conventional accounts. This also includes automatic deposit, transfer, and withdrawal functions, as well as immediate transaction booking, reconciliation, compliance reporting, and digital asset management in real time, as suggested by a press statement.
In a conversation with CoinDesk, Taurus co-founder Lamine Brahimi explained that banks utilizing Temenos can potentially invest in various digital assets. These could range from cryptocurrencies, tokenized stocks, stablecoins, and even memecoins, depending on their risk assessment and the approval of their risk management department.
Brahimi noted that now is an opportune moment, considering the upcoming pro-cryptocurrency government in the United States and Europe‘s implementation of regulations for cryptocurrency asset markets (MiCA).
According to Brahimi, everyone is gearing up for regulatory certainty within the United States. Being a significant market for Temenos, they have many top executives there. In response, we are getting ourselves ready, not just in the U.S., but globally; with plans to initiate preparations in Q1 of the upcoming year.
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2024-12-18 16:12