Ripple-backed Keyrock teams up with Deutsche Bank to expand FX services

Ripple-backed crypto company Keyrock is working with Deutsche Bank to leverage the bank’s corporate infrastructure to support multi-currency accounts and FX services.

International crypto market maker and liquidity provider Keyrock announced a strategic partnership with Deutsche Bank, one of Germany’s largest banks, to improve its payment and foreign exchange operations.

🌍 New milestone:

We have partnered with global financial leader Deutsche Bank to develop global digital asset operations. Through this collaboration, we are expanding our ability to optimize fiat management. pic.twitter.com/1D6AllDypo

— Keyrock 🔑🪨 (@KeyrockTrading) 14 October 2024

The collaboration aims to strengthen Deutsche Bank’s corporate-level infrastructure to support its operations, providing integrated foreign exchange services as well as multi-currency accounts in more than 10 currencies, the Brussels-based firm said in a press release on October 14. This will improve settlement times with counterparties in the EMEA, APAC and LATAM regions.

“Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance.”

Kevin de Patoul, CEO of Keyrock

Deutsche Bank deepens crypto commitments

According to the press release, the partnership is expected to enhance Keyrock’s ability to execute FX spot trades with near-instant payments and enable optimized management of fiat currencies. The firm says consolidating services into a single provider will reduce “counterparty and settlement risks.”

Kilian Thalhammer, Deutsche Bank’s global head of business solutions, emphasized the importance of the collaboration and said the move “aligns with our commitment to supporting technology and fintech innovation.”

Co-founded in 2017 by Kevin de Patoul, Jeremy de Groodt and Juan David Mendieta, Keyrock operates in over 85 business centers worldwide. In November 2022, the market maker raised $72 million in a Series B funding round from investors including Ripple, SIX Fintech Ventures, and Middlegame Ventures.

In September 2023, Keyrock received approval from the Swiss Financial Services Standards Association to operate as a financial intermediary in Switzerland, allowing it to serve crypto businesses and investors in the country.