Crypto Market Maker Keyrock Closes $72m Funding

Keyrock, a crypto market maker company, has successfully closed the Series B funding round led by popular digital assets investors, including SIX Fintech Ventures, Ripple and Middlegame Venture.

According to the announcement published on 30 November 2022, the digital market company funded in 2017 will use the raised capital to develop its infrastructure further and obtain regulatory licensing across the United States, Europe and Singapore.

“In the last five years, we have focused strongly on doing things with a long-term perspective and haven’t taken any shortcuts. Due to this focus, we now have a highly robust foundation. 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,” Kevin de Patoul, the CEO of Keyrock, commented.

After more than five years since its inception, Keyrock has become a liquidity partner for almost 100 trading venues globally. During 2021, the company was able to cover 200 new unique markets, increasing its overall trading volumes threefold, while the overall market contracted by 50%.

Due to the dynamic growth and rising volumes, Keyrock has doubled its staff in 2022 and is currently hiring +100 people. According to the press release, the number should double again in 2023, despite the prolonged ‘cryptocurrency winter’ and its destructive impact on the industry.

Increased Crypto Funding Activity

During the month of November, Finance Magnates informed about several cryptocurrency projects funding and investments. For example, Coinmetro, an Estonian-headquartered digital currency exchange, raised EUR 7 million (almost $7 million) during the latest interim funding round from three business angels and over 100 existing shareholders.

A few days later, the London-based Archax, an institutional digital asset platform, closed its Series A funding round, raising $28.5 million. The proceeds will be used to scale up the product and service development.

Binance Labs, the accelerator and the venture capital division of Binance, also became a crypto investor in November. According to the press release, the company is leading the upcoming Series A financing round of NGRAVE, a hardware cryptocurrency wallet maker.