As a seasoned researcher who has closely followed the evolution of blockchain technology and its applications, particularly in the realm of cross-border payments, I am genuinely thrilled about this recent development involving Partior and Deutsche Bank.
Payment-focused blockchain company Partior has secured Deutsche Bank as a new investor for their Series B financing, boosting the overall investment to a sum of $80 million.
Deutsche Bank has decided to invest strategically in Partior, a blockchain financial technology start-up based in Singapore. This investment comes as part of Partior’s Series B funding round, which raised a total of $80 million.
This investment represents the second phase of fundraising initiated in July 2024, spearheaded by Peak XV Partners, with participation from J.P. Morgan, Standard Chartered, Temasek, Jump Trading Group, and Valor Capital Group, as mentioned in a press release on November 27th.
Through undisclosed investment size, Deutsche Bank is set to aid Partior in broadening its global presence and introducing innovative services like real-time foreign exchange swaps and immediate multi-bank transactions. Additionally, the German banking institution intends to integrate into Partior’s platform as a settlement bank for Euros and U.S. dollars; however, further details are yet to be revealed.
Deutsche Bank, being the biggest Euro clearing institution, eagerly embraces its role as an innovator. They aim to leverage advanced technology to boost the swiftness, clarity, and safety of transactions that both clients and competitors anticipate.
Patricia Sullivan, global head institutional cash management, Deutsche Bank
Partior to expand fiat offerings with Deutsche Bank support
The head of Partior, Humphrey Valenbreder, happily announced the new partnership, stating that Deutsche Bank’s involvement will speed up their objective of providing smooth, secure, and immediate international money transfers. So far, the system has handled more than a billion dollars worth of transactions.
Established in 2021, Partior – supported by DBS Bank and J.P. Morgan – focuses on providing real-time clearing and settlement services using blockchain technology. The goal of their platform is to streamline cross-border transactions by offering immediate access to funds and addressing the inefficiencies inherent in conventional payment networks.
At present, Partior works with currencies such as the U.S. dollar, euro, and Singapore dollar. Further down the line, it’s expected that the Japanese yen, British pound, and Australian dollar will also be supported.
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2024-11-27 16:48