Deutsche Bank has increased its support of the cryptocurrency business over the past year, making several noteworthy alliances.
According to a statement released on October 14, Deutsche Bank has partnered strategically with crypto-native market maker Keyrock to improve payment and foreign currency (FX) services for its global market-making and over-the-counter (OTC) trading activities.
The partnership intends to enhance settlement procedures and broaden the capabilities of Keyrock, backed by Ripple, throughout Latin America (LATAM), Asia-Pacific (APAC), Europe, and Africa.
Deutsche Bank will offer institutional-grade infrastructure, comprising access to more than 100 currency pairings, integrated FX services, and multi-currency accounts in over ten different currencies. With this configuration, Keyrock can trade in many currencies efficiently, lowering counterparty and settlement risks and speeding up settlement times with its international counterparties.
According to Keyrock CEO Kevin de Patoul, working with The Bank gives the cryptocurrency market maker access to a reputable organization in the world of international finance. He continued, saying:
“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.”
Deutsche Bank’s Global Head of Merchant Solutions, Kilian Thalhammer, stated that the company’s dedication to fostering fintech and tech innovation is shown in its services to Keyrock, one of Europe’s leading experts in digital asset liquidity.
The developments in crypto by Deutsche Bank
Deutsche Bank moved significantly earlier this year to embrace blockchain technology to solve issues facing the financial services industry.
As part of its blockchain endeavors, the lender participates in Project Guardian in Singapore, an endeavor spearheaded by the Monetary Authority of Singapore (MAS) to employ blockchain technology within the financial markets. As part of this effort, the bank tests a platform that runs on the Ethereum network and offers tokenized fund services.
In addition, Patoul acknowledged Deutsche Bank’s proactive approach to digital assets, pointing out the bank’s growing involvement in this area in recent months. He observed that Deutsche Bank’s proactive approach recognizes the increasing significance of cryptocurrencies in the financial sector.
“It has been inspiring to see the forward-looking stance of Deutsche Bank on digital assets over the last few months. They get it.”