Deutsche Bank to provide foreign exchange services for crypto market-making firm Keyrock

Deutsche Bank is giving crypto-native market maker Keyrock’s global services a boost through a new partnership, according to an announcement on Oct. 14. The bank will provide Keyrock with multi-currency accounts and foreign exchange services, enabling Keyrock to expand its operations in the EMEA, APAC and LATAM regions.

“Providing our services to Brussels-based Keyrock as one of the leading digital asset liquidity specialists in Europe aligns with our dedicated commitment to supporting tech and fintech innovation,” Deutsche’s Global Head of Merchant Solutions, Kilian Thalhammer, said in a statement. 

In short, Keyrock is consolidating services with a single entity to reduce its counterparty and settlement risks by opening multi-currency accounts at the bank which will support over 10 currencies. 

The firm, launched in 2017, provides market-making and over-the-counter trading for over 100 currency pairs and operates in approximately 400 markets. Deutsche’s infrastructure will help provide “near-instant settlements” by “optimizing the handling of fiat currencies” and Keyrock’s foreign exchange needs.

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

The move also represents Deutsche Bank’s increasing familiarity with crypto. Deutsche has backed digital asset infrastructure provider Taurus , provides services for crypto exchange Bitpanda , and has participated in several pilots using blockchain for anything from asset tokenization to inter-bank settlements . 

"This partnership is a significant step forward for Keyrock. Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance," Kevin de Patoul, CEO of Keyrock, said. "Together, we are well-positioned to provide greater value and efficiency in global digital asset markets."

In 2022, Keyrock raised a $72 million Series B in a round led by Ripple. Last year it was granted regulatory approval from the Swiss Financial Services Standards Association last year to expand its fiat on/off-ramp services through its over-the-counter trading desk.