Deutsche Bank Partners with Keyrock

Deutsche Bank is enhancing crypto-native market maker Keyrock’s global services through a new partnership announced on Oct. 14. The agreement will provide Keyrock with multi-currency accounts and foreign exchange services, facilitating the company’s expansion in the EMEA, APAC, and LATAM regions.

> “Providing our services to Brussels-based Keyrock, a leading digital asset liquidity specialist in Europe, aligns with our dedication to supporting tech and fintech innovation,”
> – Kilian Thalhammer, Deutsche’s Global Head of Merchant Solutions.

Keyrock aims to consolidate services under one entity to minimize counterparty and settlement risks by opening multi-currency accounts at Deutsche Bank, which will support over 10 currencies.

Founded in 2017, Keyrock offers market-making and over-the-counter trading for over 100 currency pairs across approximately 400 markets. The collaboration with Deutsche Bank will enhance speed and efficiency in handling fiat currencies and meeting Keyrock’s foreign exchange requirements, enabling “near-instant settlements.”

Keyrock, led by CEO Kevin de Patoul, CTO Jeremy de Groodt, and CSO Juan David Mendieta, utilizes proprietary algorithms to deliver scalable and adaptable liquidity products to marketplaces and asset issuers.

This partnership reflects Deutsche Bank’s increasing engagement with the crypto sector. The bank has previously backed digital asset infrastructure provider Taurus, offered services to crypto exchange Bitpanda, and engaged in blockchain pilots for asset tokenization and inter-bank settlements.

Kevin de Patoul, CEO of Keyrock, remarked: “This partnership is a significant step forward for Keyrock. Collaborating with Deutsche Bank allows us to work 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 secured a $72 million 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 over-the-counter trading desk.