Deutsche Bank has partnered with Keyrock, a native crypto market maker, to provide multi-currency accounts and foreign exchange services.
The alliance would enable the digital asset company 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 provides liquidity solutions for digital asset markets and provides market making and OTC trading for over 100 currency pairs across approximately 400 markets. Leveraging Deutsche Bank’s infrastructure, Keyrock seeks to expand its operations in key regions including EMEA, APAC and Latin America.
The bank will support more than 10 currencies through its multi-currency accounts and facilitate “near instant settlements” to improve fiat currency management for Keyrock’s foreign exchange needs.
Kevin de Patoul, CEO of Keyrock, 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 deliver greater value and efficiency in the 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 entry and exit services fiduciaries through its OTC trading desk.
This partnership is part of Deutsche Bank’s broader involvement in the crypto space. The bank has supported digital asset infrastructure provider Taurus, provides crypto exchange services Bitpanda and participated in blockchain pilots for asset tokenization and interbank settlements.
Deutsche Bank has also taken a step in the crypto sector by seeking regulatory approval to operate as a cryptocurrency custodian in Germany.
Deutsche Bank’s digital asset custody prototype was first announced in 2020. At the time, the lender said it aimed to create a custody platform specifically designed for institutional clients to to establish a seamless connection between them and the broader cryptocurrency ecosystem.
Germany’s largest banking institution’s move toward digital asset custody services aligns with a similar shift at its investment arm, DWS Group. The latter has invested in Deutsche Digital Assets, a provider of exchange-traded crypto products, and Tradias, a market maker in the crypto sector.
