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- Keyrock now leverages Deutsche Bank’s multi-currency accounts and foreign exchange services, as well as its strong global reach, with a newly-inked partnership.
Ripple, undeterred by its courtroom saga in the US, continues to forge strong alliances with traditional financial institutions both directly and indirectly. Recently, Keyrock, a crypto market maker backed by the company helmed by CEO Brad Garlinghouse since 2022, announced a newly-inked partnership with Deutsche Bank.
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
Keyrock’s Official Announcement
According to an announcement this Monday, Deutsche Bank will boost Keyrock’s services through access to its multi-currency accounts and foreign exchange services. The partnership will also allow the firm to expand its crypto market-making and over-the-counter (OTC) services in the Europe, Middle East, Africa (EMEA), Asia, Pacific (APAC), and Latin America (LATAM) regions.
Kevin de Patoul, CEO of Keyrock, stated that the newly-established alliance is a significant step for his company. He expects their collaboration with one of the most respected institutions in global finance to unlock greater value and efficiency for the global digital market going forward.
Meanwhile, Kilian Thalhammer, Global Head of Merchant Solutions at Deutsche Bank, recognizes the Brussels-based Keyrock as one of the top digital asset liquidity specialists in Europe. Hence, he believes the bank’s partnership with the business aligns with its commitment to supporting technological and financial technology (FinTech) innovations.
Deutsche Bank’s Crypto Exposure
Deutsche Bank only maintains indirect exposure to cryptocurrency assets through its partnership with Web3-related businesses. However, it has shown a growing interest in the niche with its continuous monitoring of public sentiment toward them. In fact, its recent survey indicated that 52% out of 3,600 respondents have expressed their bullish outlook on the potential of cryptocurrencies to dominate transactions in the future.
On the other hand, Deutsche Bank has been an active participant in the Monetary Authority of Singapore’s (MAS) “Project Guardian.” The initiative envisions expanding the use cases of tokenization and exploring ways on how interoperable networks could advance the financial market infrastructure.
Deutsche Bank leverages its strong presence in EMEA, APAC, and LATAM with its 1,394 branches worldwide as of June 2024. The multinational investment bank and financial services provider headquartered in Germany reflected €559 billion in assets under management (AUM) for its private banking and €896 billion in AUM for its asset management divisions in its 2023 Annual Report.
The financial institution also highlighted its profitability through its €28.9 billion net revenue during the same fiscal year with a compound annual growth rate (CAGR) of 7% since 2021.
Keyrock’s Progress Over the Years
Keyrock was established in 2017. Nonetheless, it has grown its platform significantly. It now processes an average of over 550,000 daily trades across 1,300 markets and 85 integrated exchanges.
The company Patoul co-founded focuses on offering marketplaces and asset issuers access to scalable and adaptable liquidity products using tailored algorithms for specific clients. Its key backers include Volta Ventures, SIX Fintech Ventures, Middlegame Ventures, and Ripple.
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