France-based Caceis is the latest asset servicing firm to announce plans to develop its custody service for digital assets.
The custodian, which serves as the asset servicing arm of Credit Agricole and Santander's banking group, has selected Swiss-based Taurus to help boost its digital assets offering.
Caceis will link its own services and systems with the Taurus platform with the focus on three areas - secure custody of digital assets and smart contract management; digital assets issuance and tokenisation via blockchain; connectivity with other blockchains via Taurus.
Arnaud Misset, Chief Digital Officer of Caceis, stated "In addition to our traditional asset servicing, Caceis aims to gradually extend its offering to all digital assets and provide support for clients on blockchains. Taurus is a recognised expert in the field, and the integration of its platform is a major step in Caceis' innovation strategy."
Other asset servicing firms have similarly announced plans to develop their own digital offerings as they look to embrace the increasing use of digital and crypto assets.
For example, only last week Citi revealed it had contracted Swiss digital assets platform Metaco to help build its crypto custody offering. Other firms like State Street and Commerzbank have also launched digital or crypto custody businesses in recent months.