Deutsche Bank, a prominent German lender, has recently invested in the blockchain payment network, Partior. This investment came as part of Partior’s $80 million Series B funding round, where Deutsche Bank joined as a strategic investor. The news was announced in a press release by the company on Wednesday.
Partior, established in 2021, has garnered support from major traditional finance players such as JPMorgan, DBS, and Standard Chartered. With Deutsche Bank’s involvement in the Series B funding, the total amount raised by Partior has reached $80 million. This move signifies the increasing adoption of blockchain technology in the financial sector.
In addition to the investment, Deutsche Bank will also become a settlement bank for euro and U.S. dollar transactions on Partior’s platform. This collaboration highlights the bank’s commitment to embracing technological advancements in the payments industry.
According to Patricia Sullivan, the global head of institutional cash management at Deutsche Bank, the payments sector is currently experiencing significant disruption driven by technological advancements and the increasing demand for financial transparency and inclusion. The partnership with Partior reflects Deutsche Bank’s proactive approach to staying at the forefront of these changes.
Partior’s existing backers include DBS Bank, JPMorgan, Standard Chartered, Temasek, and Peak XV, as well as investors like Jump Trading and Valor Capital Group. The platform currently supports payments in U.S. dollars, euros, and Singapore dollars, with plans to expand to include more currencies as its global network grows.
The collaboration between Deutsche Bank and Partior underscores the evolving landscape of payments and highlights the growing significance of blockchain technology in revolutionizing traditional financial systems. As more established financial institutions like Deutsche Bank recognize the potential of blockchain-based solutions, the industry is poised to witness further innovation and transformation in the years to come.
