While stricter regulations are being advocated, some crypto firms are taking the bold step of establishing and funding new and existing businesses in order to ensure the crypto industry’s recovery. Recently announced, Taurus, a Switzerland-based fintech firm that is focused on delivering to clients the infrastructure to manage any digital assets, has secured $65 million in funds to improve its digital assets platform.
Per the startup’s release on February 14, Credit Suisse, a global investment bank and financial service firm led the Series B financing round. The equity financing session also had prominent financial technology investors like Pictet Group, Deutsche Bank, Cedar Mundi Ventures, Arab Bank Switzerland, and many others in participation.
Meanwhile, Taurus co-founders in the persons of Oren-Olivier Puder, Sebastien Dessimoz, Dr. Jean-Philippe Aumasson, and Lamine Brahimi still remain the biggest shareholders of the company. The company also noted that the financing round was approved by FINMA, a Switzerland-independent financial market supervisory regulator.
Taurus Eyes New Markets and Partnerships
With the new funds, the digital asset platform intends to constantly partner with brands and innovators to help establish new ways to engage through digital experiences, and the metaverse. Likewise, the proceeds from the seed round will be used to expand Taurus’s product portfolio, and increase product adoption.
Additionally, the company will also utilize the new fund to expand its business across different regions in the world while increasing its workforce from the current 60 employees to about 100 employees this year. For now, the firm has the intention of expanding its reach to Paris and Dubai, and subsequently to America and Southeast Asia.
Other Crypto Funding Beyond Taurus
Some crypto companies are still able to raise funds in the crypto space despite the dwindling crypto market and the collapse of exchanges that brought fear to investors.
Towards the end of 2022, Matter Labs, a Berlin-based Web 3.0 company that is focused on scaling Ethereum (ETH) announced that it received $200 million in capital via its Series C funding round.
Equally, Animoca Brands, a game software and venture company look to raise $1 billion in funding for its new Web3.0 and metaverse mutual fund. The venture capital firm intends to use the funds raised to assist blockchain and metaverse startups.
