Market maker Keyrock closes $72 million in Series B funding round

Digital asset market maker Keyrock has raised $72 million in a Series B round of funding, according to an announcement on Nov. 30. Ripple, SIX Fintech Ventures, and Middlegame Ventures are among the investors in the round.

Funds are planned to be used on Keyrock infrastructure development, scalability tools, as well as regulatory licensing across Europe, the United States and Singapore.

Keyrock CEO Kevin de Patoul said the company has been focused on a long-term perspective for its business in the past five years. He also noted 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.”

Founded in 2017, Keyrock was also co-founded by Jeremy de Groodt and Juan David Mendieta, provides liquidity to over 85 decentralized and centralized trading platforms. According to the company, it provides liquidity to over 85 decentralized and centralized trading platforms and has expanded into 200 new markets in the past year, resulting in a threefold increase in trading volume while the overall market shrank in the past months.

Maxime Fages, director of Institutional Markets at Ripple, said that Keyrock has been providing scalable liquidity solutions to Ripple for three years. "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," he noted.

The Brussels-based company also targets to double the size of its workforce globally, which currently is formed by over 100 employees, despite the market conditions. 

Earlier this month, Cointelegraph reported how crypto companies, including crypto exchanges, venture capital firms and blockchain developers, have been forced to reduce headcount to stay nimble amid the bear market.