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Deutsche Bank Invests in Blockchain Payment Network Partior
The German lender joined the clearing firm's $80 million Series B funding round as a strategic investor.
By Will Canny
Nov 27, 2024, 12:02 p.m.
What to know:
- Deutsche Bank joined Partior's Series B funding round as a strategic investor.
- Partior raised a total of $80 million in the round.
- Other investors in the blockchain-based clearing firm include JPMorgan, Jump Trading and Standard Chartered.
Partior, a blockchain payment network backed by TradFi giants including JPMorgan (JPM), DBS (D05), and Standard Chartered (STAN), added Deutsche Bank (DBK) to its list of investors, the company said in a press release Wednesday.
The German bank joined Partior's Series B funding round as a strategic investor, taking the total raised by the payments firm in the round to $80 million, the Singapore-based company said.
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Adoption of blockchain technology by traditional finance firms is growing. Last week, payments giant Mastercard said it was linking up with JPMorgan for cross-border payments on the blockchain.
Deutsche Bank will also join Partior's platform as a euro and U.S. dollar settlement bank.
"The payments business is currently undergoing an extensive period of disruption, primarily due to the rapid advancement of technology and drive for greater financial inclusion and transparency," said Patricia Sullivan, global head of institutional cash management at Deutsche Bank, in the release.
Partior was founded in 2021 and is backed by DBS Bank, JPMorgan, Standard Chartered, Temasek and Peak XV. Other investors include Jump Trading and Valor Capital Group.
The platform currently supports U.S. dollar, euro and Singapore dollar payments, with plans to add additional currencies as the global network expands.
Read more: Partior, Blockchain Payment Network Backed by JPMorgan and DBS, Raises $60M Series B
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