Deutsche Bank, one of the world’s leading financial institutions, has made a significant move into the cryptocurrency space by partnering with Keyrock, a prominent crypto-native market maker.
Announced on October 14, this collaboration marks a pivotal moment in the integration of traditional banking with digital asset services.
Deutsche Bank will provide Keyrock with multi-currency accounts and foreign exchange services, enabling the Brussels-based firm to expand its operations across the EMEA, APAC, and LATAM regions. This partnership underscores Deutsche Bank’s commitment to supporting technological and fintech innovation in the rapidly evolving digital asset landscape.
Benefits and Operational Improvements
The partnership generates significant operational benefits for Keyrock. Keyrock wants to considerably lower its counterparty and settlement risks, and, by consolidating its services with Deutsche Bank, it hopes to do so. The company will have multi currency accounts opened at Deutsche Bank for over 10 currencies, to streamline its global operations.
In 2017, 1to1 Group Limited (Keyrock) opened with the aim of providing market making and over the counter trading for over 100 currency pairs in approximately 400 markets.
Thanks to Deutsche Bank’s powerful infrastructure, “near instant settlements” will be facilitated for the handling of fiat currencies and requirements for Keyrock in foreign exchange.
Keyrock’s Background and Technological Edge
Keyrock, founded by CEO Kevin de Patoul, CTO Jeremy de Groodt, and CSO Juan David Mendieta, has established itself as a leader in the digital asset liquidity space. The company leverages proprietary algorithms to offer scalable and adaptable liquidity products to marketplaces and asset issuers.
This technological edge, combined with Deutsche Bank’s global financial infrastructure, positions Keyrock for significant growth in the digital asset market. The partnership is seen as a major step forward for Keyrock, allowing it to collaborate with one of the most respected institutions in global finance.
Deutsche Bank’s Growing Crypto Involvement
This partnership is not Deutsche Bank’s first foray into the cryptocurrency and blockchain space. The bank has been steadily increasing its involvement in the sector, demonstrating a growing familiarity with digital assets.
Prior to this, Deutsche Bank has backed digital asset infrastructure provider Taurus and provided services for crypto exchange Bitpanda. The bank has also participated in several pilot projects using blockchain technology for various applications, including asset tokenization and inter-bank settlements.
This latest move with Keyrock further cements Deutsche Bank’s position as a forward-thinking financial institution embracing the potential of digital assets and blockchain technology. It also highlights the growing trend of traditional financial powerhouses recognizing and adapting to the increasing importance of cryptocurrencies in the global financial ecosystem.