Deutsche Bank has made a significant move in the blockchain space by participating in Partior's Series B funding round, contributing to the $80 million raised by the innovative blockchain payment network. This investment highlights the growing interest of traditional financial institutions in blockchain technology and its potential to transform the payments landscape.
Key Takeaways
Deutsche Bank joins Partior's Series B funding round as a strategic investor.
The funding round raised a total of $80 million, with participation from other major financial institutions.
Partior aims to enhance its blockchain payment network, facilitating transactions in multiple currencies.
Deutsche Bank's Role in Partior
Deutsche Bank's involvement in Partior's funding round is a clear indication of the bank's commitment to embracing technological advancements in the financial sector. As a settlement bank for transactions in EUR and USD, Deutsche Bank will play a crucial role in facilitating cross-border payments through Partior's platform.
Partior, established in 2021, operates as a blockchain payment network supported by a consortium of traditional financial institutions, including DBS Bank, JPMorgan, Standard Chartered, and Temasek. The platform currently facilitates payments in USD, EUR, and SGD, with plans to expand its offerings to additional currencies as its network grows.
The Growing Adoption of Blockchain
The investment from Deutsche Bank comes at a time when the finance industry is increasingly adopting blockchain technology. This trend is evident in recent partnerships, such as the collaboration between Mastercard and JPMorgan to enhance cross-border payments using blockchain. By integrating Mastercard MTN's connectivity with Kinexys Digital Payments, customers can now settle B2B transactions through a single API integration.
Partior's Vision for the Future
Partior aims to position itself as a key player in the blockchain-based payment infrastructure. The company is focused on integrating additional currencies and expanding its global reach. With a diverse investor base that includes private equity and venture capital firms like Temasek, Peak XV, Jump Trading, and Valor Capital Group, Partior is well-equipped to drive innovation in the payments sector.
In addition to its recent funding round, Partior has also collaborated with Nium to provide customers with real-time cross-border payments, clearing, and settlement. This partnership enables financial institutions to connect with Nium via Partior for 24/7, transparent, real-time payouts, clearing, and settlement to over 100 markets worldwide.
Conclusion
Deutsche Bank's strategic investment in Partior's Series B funding round underscores the growing intersection of traditional finance and blockchain technology. As financial institutions continue to explore the potential of blockchain, collaborations like this will likely pave the way for more innovative solutions in the payments landscape, ultimately benefiting businesses and consumers alike.
Sources
Deutsche Bank invests in Partior's Series B funding round - ThePaypers, The Paypers.
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