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HomeCrypto NewsIn a Series B Round of Funding, Keyrock Raises $72M from Ripple...

In a Series B Round of Funding, Keyrock Raises $72M from Ripple and Others

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Keyrock, a digital asset market maker based in Brussels, has completed its Series B funding round, bringing in a staggering $72 million from investors, including top technology company Ripple, SIX FinTech Ventures, Fintech venture capital firm Middlegame Ventures, and the venture capital arm of SIX Group.

The fundraising, which was finalized in September, follows the seed round’s conclusion in October 2020, sponsored by Middlegame Ventures and SIX. According to CEO Kevin de Patoul, Keyrock will utilize the capital to advance several critical initiatives, including the creation of infrastructure, scaling tools, and the pursuit of regulatory licensing in many jurisdictions, including the United States, Singapore, and Europe.

While Keyrock closed the round two months ago, its recent announcement coincides with when most cryptocurrency entities will turn to market makers for liquidity. Due to Alameda Research’s collapse created a void in the market, and a liquidity crisis could arise.

In order to be safe, Keyrock, which had some of its assets in FTX’s custody, moved most of its funds out from the exchange the same week as the CoinDesk report that revealed the platform’s liquidity crisis. Upon its collapse, the market maker still had some cash on FTX, but CEO de Patoul pointed out that it was a negligible sum that would not impact the company’s activities.

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

Keyrock Chief de Patoul remarked, speaking on the development.

“We believe Keyrock will establish itself as one of the top-tier liquidity solution providers for digital assets not only in Europe but globally,” commented Andreas Iten, Head of Corporate Ventures at SIX, and co-founder of F10 FinTech Incubator.

Read: Ripple CTO Dismisses Theories That XRP Is $327,00 On A Private Ledger

Astonishing Growth by Keyrock Since 2017

Juan David Mandieta, Jeremy de Groodt, and Kevin de Patoul founded Keyrock in 2017, intending to supply digital assets and markets with liquidity through its rapidly scalable algorithmic solutions. Keyrock, which began operations in Brussels, Belgium, has reserved space in the United Kingdom to open offices in Singapore and Switzerland in early 2023.

Since 2017, the company has supplied its liquidity support to over 85 companies working in the region, and in the previous year, it has expanded to 200 new market sceneries. The company aims to support digital asset brokerages, exchanges, and tokens with liquidity provisions.

Despite the widespread Crypto Winter, Keyrock has seen a trading volume increase of over 300% YoY and a quadruple increase in its global headcount to 100. The company’s goal for 2023 is to double this worth.

The latest investment round for the liquidity provider for digital assets was completed in October 2020 and jointly led by SIX and Middlegame. After the round, Keyrock received up to €4.3 million.

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