Keyrock, a global crypto market maker and liquidity provider, has entered a strategic partnership with Deutsche Bank, one of Germany’s leading banks, to strengthen its payment and foreign exchange operations.
In an October 14 press release, the Brussels-based firm announced that its partnership with Deutsche Bank will utilise the bank’s institutional-grade infrastructure to enhance its operations. The collaboration provides access to multi-currency accounts in over ten currencies and integrated FX services, improving settlement times with counterparties across the EMEA, APAC, and LATAM regions.
“Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance,”
Kevin de Patoul, Keyrock’s chief executive officer, noted.
The partnership is expected to boost Keyrock’s capacity to execute FX spot trades with near-instant settlements, optimising its management of fiat currencies. According to the press release, consolidating services with a single provider will help reduce “counterparty and settlement risks.”
Kilian Thalhammer, Deutsche Bank’s global head of merchant solutions, highlighted the partnership’s significance, stating that it
“aligns with our strong commitment to supporting tech and fintech innovation.”
Keyrock has been active in the crypto space, securing approval in September 2023 from the Swiss Financial Services Standards Association to operate as a financial intermediary in Switzerland, enabling it to offer services to crypto businesses.
Deutsche Bank, on the other hand, has been entering strategic partnerships, including one with Austrian crypto exchange Bitpanda to handle fiat deposits and withdrawals. According to an official statement, Deutsche Bank will provide Bitpanda users in Germany with local bank account numbers for fiat transactions, though it won’t handle crypto transactions directly. Bitpanda, with over 4 million users, offers a range of digital financial products, including fractional stocks, cryptocurrencies, and precious metals.
Similarly, the bank joined the Monetary Authority of Singapore’s (MAS) Project Guardian, which focused on tokenizing assets in wholesale funding and DeFi markets. As part of its asset and wealth management strategy, the bank experimented with an open, interoperable blockchain platform to manage tokenized funds. The aim was to propose protocol standards and identify best practices to advance the industry.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
