Deutsche Bank invests in Partior’s $80M Series B, joining JPMorgan and DBS in advancing blockchain payments and becoming a settlement bank for USD and EUR.
The German lender became a strategic investor in the clearing firm’s $80 million Series B fundraising round.
Deutsche Bank (DBK) has joined the roster of investors in Partior, a blockchain payment network supported by TradFi behemoths, including JPMorgan (JPM), DBS (D05), and Standard Chartered (STAN), the business announced in a news release on Wednesday.
According to the Singapore-based company, the German bank became a strategic investor in Partior’s Series B funding round, increasing the payments company’s total fundraising to $80 million.
Traditional financial institutions are increasingly embracing blockchain technology. The massive payments company Mastercard announced last week that it partnered with JPMorgan to enable blockchain-based cross-border payments.
Additionally, Deutsche Bank will become a US dollar and euro settlement bank on Partior’s platform.
Patricia Sullivan, global head of institutional cash management at Deutsche Bank, stated, “The payments business is undergoing an extensive period of disruption, primarily due to the rapid advancement of technology and drive for greater financial inclusion and transparency.”
DBS Bank, JPMorgan, Standard Chartered, Temasek, and Peak XV are the backers of Partior, which was established in 2021. Valor Capital Group and Jump Trading are additional investors.
With ambitions to add other currencies as the global network grows, the site accepts payments in Singapore dollars, euros, and US dollars.
