Deutsche Bank has partnered with Keyrock, a crypto-native market maker, to provide multi-currency accounts and foreign exchange services.
The alliance is said to allow the digital asset firm to optimize and expand its market-making and over-the-counter (OTC) trading services. The partnership will help Keyrock reduce counterparty and settlement risks by consolidating services with a single banking entity.
Founded in 2017, Keyrock offers liquidity solutions for digital asset markets and provides market-making and OTC trading for over 100 currency pairs in around 400 markets. By leveraging Deutsche Bank’s infrastructure, Keyrock seeks to expand its operations in key regions, including EMEA, APAC, and LATAM.
The bank will support over 10 currencies through its multi-currency accounts and facilitate “near-instant settlements” to improve the handling of fiat currencies for Keyrock’s foreign exchange needs.
Keyrock CEO Kevin de Patoul said: “Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance. Together, we are well-positioned to provide greater value and efficiency in global digital asset markets.”
In 2022, Keyrock raised $72 million in a Series B funding round led by Ripple and received regulatory approval from the Swiss Financial Services Standards Association to expand its fiat on/off-ramp services through its OTC trading desk.
This partnership is part of Deutsche Bank’s broader involvement in the crypto space. The bank has backed digital asset infrastructure provider Taurus, provides services for crypto exchange Bitpanda, and has participated in blockchain pilots for asset tokenization and inter-bank settlements.
Deutsche Bank also took a step in the crypto industry by applying for regulatory approval to operate as a cryptocurrency custodian in Germany.
The Deutsche Bank’s digital asset custody prototype was first announced in 2020. At the time, the lender said it aims at creating a custody platform specifically designed for institutional clients to establish a seamless connection between them and the broader cryptocurrency ecosystem.
The move by Germany’s largest banking institution towards digital asset custody services aligns with a similar shift within its investment arm, DWS Group. The latter invested in Deutsche Digital Assets, a provider of crypto exchange-traded products, and Tradias, a market maker in the crypto industry.
