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

Ripple-backed crypto firm Keyrock is teaming up with Deutsche Bank to leverage the bank’s institutional infrastructure to support multi-currency accounts and FX services.

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

🌍 New milestone:

We’ve partnered with Deutsche Bank, worldwide financial leader, to advance global digital asset operations. Through this collaboration, we expand our ability to optimise fiat currency management. pic.twitter.com/1D6AlLDypo

— Keyrock 🔑🪨 (@KeyrockTrading) October 14, 2024

In a press release on Oct. 14, the Brussels-based firm said the collaboration aims to leverage Deutsche Bank’s institutional-grade infrastructure to support its operations, providing multi-currency accounts in over 10 currencies, along with integrated FX services. This will improve settlement times with counterparties across 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, Keyrock chief executive officer

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

Kilian Thalhammer, global head of merchant solutions at Deutsche Bank, emphasized the importance of the collaboration, stating the move “aligns with our dedicated commitment to supporting tech and fintech innovation.”

Co-founded in 2017 by Kevin de Patoul, Jeremy de Groodt, and Juan David Mendieta, Keyrock operates across over 85 trading venues 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 secured approval from the Swiss Financial Services Standards Association to operate as a financial intermediary in Switzerland, allowing it to provide services to crypto businesses and investors in the countr

Read more: Bitpanda taps Deutsche Bank to process fiat transfers in Germany

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