Digital asset market maker Keyrock has successfully raised $72 million in Series B funding from investors including Ripple, SIX Fintech Ventures, and Middlegame Ventures.
Since its inception in 2017, Keyrock has established itself as a global liquidity provider, servicing over 85 trading venues, both centralized and decentralized. Over the past year, the firm has expanded into 200 new markets and achieved a threefold increase in trading volume, even as the overall market faced a 50% downturn.
Keyrock CEO Kevin de Patoul stated that the new funding will be directed toward enhancing infrastructure development, scaling tools, and acquiring regulatory licenses in Europe, the U.S., and Singapore. “This new funding round allows us to dramatically accelerate our vision of providing liquidity solutions for all digital assets,” he noted. “By focusing more on our clients and scalability, we aim to expand into new markets with targeted services.”
Earlier this year, Keyrock expanded its global workforce to over 100 employees and plans to double this number again in the upcoming year, even amidst a bear market and hiring freezes in the crypto industry.
Initially launched in Brussels, Keyrock now has an office in the UK and is planning further expansions into Switzerland and Singapore in early 2023.
SIX and Middlegame Ventures previously led a €4.3 million funding round for Keyrock in October 2020. Andreas Iten, head of SIX Fintech Ventures and CEO of F10, expressed confidence in Keyrock, stating: “We believe Keyrock will establish itself as one of the top-tier liquidity solution providers for digital assets not only in Europe but globally.”