Market Maker Keyrock Closes $72M In Series B Funding Round

Investors in the Keyrock funding round included SIX Fintech Ventures, Ripple, and Middlegame Ventures.

Digital asset market maker Keyrock has raised $72 million in a Series B funding round, based on a November 30 announcement. Ripple, SIX Fintech Ventures, and Middlegame Ventures were the notable investors in this round.

Funds are expected to be used on Keyrock infrastructure development, different scalability tools, and regulatory licensing across Europe, Singapore, and the United States. According to Keyrock CEO Kevin de Patoul, the firm has been focused on a long-term perspective for its business in the last five years. He also said that:

“The new round of funding allows us to expand on that and dramatically accelerate executing our vision to provide liquidity solutions for all digital assets. By doubling down on our focus on clients and scalability, we will be looking to expand into new markets with targeted services.”

Launched in 2017, Keyrock was also co-founded by Juan David Mendieta and Jeremy de Groodt. It offers liquidity to more than 85 decentralized and centralized trading companies. Based on an official statement by the company, it offers liquidity to all these platforms and has expanded into at least 200 new market in the past year.

This expansion rate has resulted in a threefold increase in trading volume while the general market shrank in recent months. The director of Institutional Markets at Ripple, Maxime Fages, believes that Keyrock has been offering scalable liquidity solutions to Ripple for the last three years. He noted:

“Under the leadership of Kevin, Jeremy and Juan, Keyrock has established themselves as a key player in the space by building scalable, enterprise grade solutions and taking a regulatory first approach.”

This Brussels-based firm also targets a double the size of its workforce globally, which now consists of more than 100 employees, despite the current crypto winter conditions.

Earlier in November, reports emerged how crypto firms, including crypto exchanges, venture capital companies and blockchain developers, have been compelled to minimize headcount to remain afloat amid the bear market.