Digital asset market maker Keyrock has raised $72 million in a Series B funding round which saw participation from Ripple, SIX Fintech Ventures and Middlegame Ventures.
Since its launch in 2017, Keyrock has become the liquidity partner for over 85 centralised and decentralised trading venues. It claims to have expanded into 200 new markets and seen threefold growth in trading volume in the past year.
“In the last five years we have focused strongly on doing things with a long-term perspective and haven’t taken any shortcuts,” says Kevin de Patoul, CEO of Keyrock. “Due to this focus, we now have a highly robust foundation.”
With the fresh funding, the Brussels-based firm plans to invest further in infrastructure development, scalability tools, and regulatory licensing across Europe, US and Singapore.
“By doubling down on our focus on clients and scalability, we will be looking to expand into new markets with targeted services,” de Patoul adds. In particular, Keyrock is looking to expand into Switzerland and Singapore in early 2023.
The company says it doubled its workforce earlier this year and now employs over 100 people globally. It is looking to double its staff headcount again in 2023 “despite a bear market and hiring freezes across the crypto space”. – FF