Keyrock and Deutsche Bank are collaborating to enable multi-currency accounts and FX services by utilizing the bank’s institutional infrastructure.
One of Germany’s biggest banks, Deutsche Bank, has established a strategic relationship with Keyrock, a worldwide cryptocurrency market maker and liquidity provider, to improve its foreign exchange and payment operations.
The Brussels-based company stated in a news release on October 14 that the partnership intends to use Deutsche Bank’s institutional-grade infrastructure to support its operations by offering integrated FX services and multi-currency accounts in over ten currencies.
As a result, settlement timeframes with counterparties in LATAM, APAC, and EMEA will all be faster. Kevin de Patoul, Keyrock chief executive officer stated:
Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance.”
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According to the press release, the agreement is anticipated to improve Keyrock’s capacity to carry out FX spot trades with almost instantaneous settlements, permitting optimal management of fiat currencies.
The company claims that “counterparty and settlement risks” will be decreased by combining services with one supplier.
The collaboration’s significance was highlighted by Deutsche Bank’s global head of merchant solutions, Kilian Thalhammer, who said the action “aligns with our dedicated commitment to supporting tech and fintech innovation.”
Keyrock, which was co-founded in 2017 by Juan David Mendieta, Jeremy de Groodt, and Kevin de Patoul, operates in more than 85 trading venues globally.
The market maker raised $72 million from investors in a Series B fundraising round in November 2022, including Middlegame Ventures, SIX Fintech Ventures, and Ripple.
Keyrock received authorization to function as a financial intermediary in Switzerland in September 2023 from the Swiss Financial Services Standards Association.
This authorization enables Keyrock to offer its services to investors and cryptocurrency enterprises in Switzerland.
