Deutsche Bank Partners with Keyrock for Crypto Boost
Deutsche Bank, one of the top financial institutions in the world, and Keyrock, a global market maker of digital assets, have announced a new partnership to improve payment and foreign exchange (FX) operations for market making and over-the-counter (OTC) trading.
🌍 New milestone:
We’ve partnered with Deutsche Bank, worldwide financial leader, to advance global digital asset operations. Through this collaboration, we expand our ability to optimise fiat currency management. pic.twitter.com/1D6AlLDypo— Keyrock 🔑🪨 (@KeyrockTrading) October 14, 2024
Ripple-Backed Keyrock partnership with Deutsche Bank
Through the provision of multi-currency accounts in more than ten currencies with integrated FX services, the partnership will leverage Deutsche Bank's institutional-grade infrastructure to support Keyrock's digital asset market-making operations and OTC activities, according to a press release. This enables the company to conduct transactions in the different currencies, in addition to accelerating settlement times with counterparties in the EMEA, APAC, and LATAM regions.
Keyrock CEO Kevin de Patoul said for Keyrock, this partnership is a big step forward. We are able to work with one of the most respected institutions in global finance by partnering with Deutsche Bank.
Through this partnership, Keyrock can now execute FX spot trades with almost instantaneous settlements, optimizing the handling of fiat currencies, and access more than 100 currency pairs and multi-currency accounts.
Kilian Thalhammer, Global Head of Merchant Solutions at Deutsche Bank, said in order to facilitate cross-currency management and transactional FX services and help shape the still-emerging digital asset market, we are eager to work closely with Keyrock.
Growing interest of Deutsche Bank with cryptocurrency
The announcement also reflects Deutsche Bank's growing interest in cryptocurrency. In addition to supporting digital asset infrastructure provider Taurus and offering services for cryptocurrency exchange Bitpanda, Deutsche has taken part in multiple blockchain pilot projects ranging from asset tokenization to interbank settlements.
In order to provide digital asset custody and tokenization services, Deutsche Bank and Taurus, a Swiss startup that specializes in cryptocurrency safekeeping, announced their partnership on Thursday, September 14, 2024.
Deutsche Bank partnership with Bitpanda
On June 2, 2024, Bitpanda also announced that it is extending its collaboration with Deutsche Bank to provide real-time payment options to German users. German Bitpanda users will now receive local bank account numbers from Deutsche Bank. By using German IBANs, Bitpanda's users will be able to send and receive cryptocurrency payments straight from their bank accounts, which will increase adoption and decrease friction.
As a result, Bitpanda users will find it easier to manage their money because deposits and withdrawals of fiat currencies will be handled by Germany's biggest bank. This collaboration represents a step toward broader adoption of cryptocurrency, as some banks had previously prohibited transfers to cryptocurrency exchanges.
Conversely, Deutsche Bank has actively participated in "Project Guardian," which is run by the Monetary Authority of Singapore (MAS). The project aims to investigate how interoperable networks could improve the infrastructure of the financial markets and to broaden the use cases of tokenization.
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