According to CoinDesk, Deutsche Bank has joined the blockchain payment network Partior as a strategic investor, participating in the company's Series B funding round. This addition brings the total raised by Partior to $80 million. Partior, a Singapore-based firm, is supported by major financial institutions including JPMorgan, DBS, and Standard Chartered.
The involvement of Deutsche Bank highlights the increasing adoption of blockchain technology by traditional finance firms. Recently, Mastercard announced a collaboration with JPMorgan to facilitate cross-border payments using blockchain technology. Deutsche Bank will also serve as a settlement bank for both euro and U.S. dollar transactions on Partior's platform.
Patricia Sullivan, Deutsche Bank's global head of institutional cash management, noted the significant disruption in the payments industry driven by technological advancements and the push for greater financial inclusion and transparency. Partior, established in 2021, is backed by notable investors such as DBS Bank, JPMorgan, Standard Chartered, Temasek, and Peak XV, along with Jump Trading and Valor Capital Group. The platform currently supports payments in U.S. dollars, euros, and Singapore dollars, with plans to expand its currency offerings as its global network grows.
