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Digital asset market maker Keyrock has partnered with Deutsche Bank to boost foreign exchange (FX) and payment operations for both parties.
This collaboration will allow Keyrock to reduce settlement risks for global market making and over-the-counter (OTC) trading while optimizing its management of fiat currencies.
🌍 New milestone:
— Keyrock 🔑🪨 (@KeyrockTrading) October 14, 2024
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 Gains Multi-Currency Capabilities for Improved Settlement
The Deutsche Bank infrastructure will drive seamless FX and settlement for multi-currency accounts in over 10 currencies. This allows Keyrock to trade in currencies required to make the markets and engage in peer-to-peer trading. Faster settlements will enable markets internationally to operate faster and better manage liquidity.
This partnership is a significant step forward for Keyrock,” said Kevin de Patoul, CEO of Keyrock. “Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance. Their industry expertise, infrastructure, and commitment to innovation make them the ideal partner. Together, we are well-positioned to provide greater value and efficiency in global digital asset markets.”
In addition, Keyrock seeks to reduce counterparty risks by consolidating services with a single financial provider.
Seamless FX spot trading will offer smoother transaction settlement across markets. Keyrock’s ability to support multiple currencies allows for more effective handling of cross-border trades in key financial regions worldwide.
Deutsche Bank Expands Support for Fintech and Digital Assets
Furthermore, Deutsche Bank’s participation with the bank aligns with its commitment to supporting fintech innovation and digital finance solutions.
Keyrock will receive FX and payment services tailored to meet its operational needs in the digital asset space. This collaboration highlights the bank’s ambition to deepen its crypto and blockchain-based finance role.
Kilian Thalhammer, Deutsche Bank’s Global Head of Merchant Solutions, stated:
“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. We look forward to working closely with Keyrock to enable cross-currency management and transactional FX services, thereby shaping a still emerging digital asset industry.”
The bank’s move into the cryptocurrency market is part of a growing trend for institutions. It follows other crypto-related initiatives, the most recent being investments in platforms like Taurus and Bitpanda. Deutsche Bank has also participated in asset tokenization projects and blockchain financial experiments.
Keyrock Eyes Growth After Series B Funding and Swiss License
However, Keyrock’s growth pressed on after acquiring $72 million in a Series B investment round headed by Ripple.
The Swiss Financial Services Standards Association approved the company to offer fiat on and off-ramp solutions for OTC trading. As a result, Keyrock has become a major liquidity provider in Europe’s digital asset market.
Due to the partnership with Deutsche Bank, Keyrock has stronger access to the FX markets and manages to have a lesser settlement risk.
With these new capabilities, Keyrock can make faster and more secure transactions across currencies and regions. By partnering with Deutsche Bank, Keyrock aims to maximize the demand for efficient fiat and crypto trading services.
Deutsche Bank’s increasingly active involvement in crypto trading mirrors its wider strategy to bring cryptocurrency into traditional banking. Earlier blockchain initiatives and interbank projects were followed in June 2023 when the bank filed an application to BaFin for a crypto custody license.