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SIX, Ripple and Middlegame Ventures pump $72 million into Keyrock

SIX, Ripple and Middlegame Ventures pump $72 million into Keyrock

Digital asset market maker Keyrock has secured $72 million Series B funding from investors including Ripple, SIX Fintech Ventures and Middlegame Ventures.

Since its launch in 2017, Keyrock has become a global liquidity pprovider to over 85 trading venues both centralised and decentralised. In the past year, the firm has expanded into 200 new markets and has seen threefold growth in terms of trading volume while the overall market shrunk by 50%.

Keyrock CEO Kevin de Patoul, says the firm will use its funding to invest further into infrastructure development, scalability tools, as well as regulatory licensing across Europe, the US and Singapore.

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

Earlier this year, Keyrock doubled the size of the workforce globally to over 100 employees. It is looking to double this number again in the upcoming year despite a bear market and hiring freezes across the crypto space.

Started in Brussels, Keyrock now has an office in the UK and is looking to expand to Switzerland and Singapore in early 2023.

SIX and Middlegame Ventures led an earlier €4.3 million funding round in Keyrock back in October 2020.

Andreas Iten, head SIX Fintech Ventures and CEO of F10, says: "We believe Keyrock will establish itself as one of the top-tier liquidity solution providers for digital assets not only in Europe but globally.”

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