Deutsche Bank has announced a new partnership with crypto-native market maker Keyrock, aiming to strengthen the latter’s global services in the digital asset space. This collaboration, revealed on October 14, will provide Keyrock with multi-currency accounts and foreign exchange services, enabling the firm to expand its operations across the EMEA, APAC, and LATAM regions.
Supporting Innovation in Digital Assets
Kilian Thalhammer, Deutsche Bank’s Global Head of Merchant Solutions, emphasized the importance of this partnership in a statement. “Providing our services to Brussels-based Keyrock as one of the leading digital asset liquidity specialists in Europe aligns with our dedicated commitment to supporting tech and fintech innovation.”
By consolidating services with Deutsche Bank, Keyrock aims to reduce its counterparty and settlement risks. The multi-currency accounts will support over 10 currencies, streamlining Keyrock’s operations and facilitating more efficient transactions.
Keyrock’s Market-Making Expertise
Founded in 2017, Keyrock specializes in market-making and over-the-counter trading, handling over 100 currency pairs across approximately 400 markets. The integration of Deutsche Bank’s infrastructure is expected to provide “near-instant settlements” by optimizing the handling of fiat currencies and addressing Keyrock’s foreign exchange needs.
Keyrock’s leadership team, including CEO Kevin de Patoul, CTO Jeremy de Groodt, and CSO Juan David Mendieta, employs proprietary algorithms to deliver scalable and adaptable liquidity products to marketplaces and asset issuers.
Deutsche Bank’s Growing Crypto Involvement
This partnership marks a significant milestone in Deutsche Bank’s journey into the crypto space. The bank has previously backed digital asset infrastructure provider Taurus and provided services for crypto exchange Bitpanda. Additionally, it has participated in several pilots exploring blockchain technology for various applications, including asset tokenization and inter-bank settlements.
Kevin de Patoul, CEO of Keyrock, expressed enthusiasm about the collaboration: “This partnership is a significant step forward for Keyrock. Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance. Together, we are well-positioned to provide greater value and efficiency in global digital asset markets.”
Recent Developments and Future Outlook
In 2022, Keyrock successfully raised $72 million in a Series B funding round led by Ripple. The firm also received regulatory approval from the Swiss Financial Services Standards Association to expand its fiat on/off-ramp services through its over-the-counter trading desk.
As the partnership between Deutsche Bank and Keyrock unfolds, it is poised to enhance liquidity in the digital asset markets while showcasing the growing acceptance of cryptocurrencies within traditional financial institutions. This collaboration not only highlights the increasing integration of crypto into mainstream finance but also sets the stage for future innovations in the sector.
October 2024, Cryptoniteuae
