Keyrock Raises Series C to Expand Crypto Trading Services

Keyrock, a Brussels-based digital asset trading firm, closed a Series C funding round led by SC Ventures, Standard Chartered's venture arm. The deal values the company at $1.1 billion.

Ripple, which backed Keyrock's Series B in 2022, participated again. The round uses a rolling close structure, meaning additional investors can still join. The company announced the funding on March 31, 2026.

Keyrock offers market making, asset management, OTC trading, and options services. The firm operates across 85 centralized and decentralized trading venues and employs over 220 people in 37 countries.

The company didn't disclose how much it raised. Previous rounds totaled $78.2 million, including a $72 million Series B in November 2022.

| Field | Details | |----------------------|--------------------------------------| | Project | Keyrock | | Sector/Category | Quant & Trading Tools, Yield & Asset Mgmt | | Funding Round | Series C (rolling close) | | Amount Raised | Undisclosed | | Valuation | $1.1 billion | | Lead Investor | SC Ventures | | Notable Participants| Ripple | | Announcement Date | March 31, 2026 | | Prior Total Raised | $78.2 million (up to Series B) |

Keyrock started as a quantitative market maker in 2017 and has since added OTC trading, treasury services, and options desks. CEO Kevin de Patoul said the company plans to use the funds for acquisitions, new hires, and expanding into more markets.

Why Standard Chartered Is Betting on Crypto Liquidity

SC Ventures CEO Alex Manson said the investment fits Standard Chartered's broader push into digital assets. The bank sees trading infrastructure as necessary for tokenized securities to work at scale.

Here's what the funding means for Keyrock:

• SC Ventures brings banking expertise and potential distribution partnerships
• Ripple's repeat investment suggests satisfaction with returns from the 2022 round
• The undisclosed amount goes toward balance sheet strength for larger trades
• Planned acquisitions could consolidate a fragmented market of liquidity providers
• The 37-country footprint gives Keyrock regulatory optionality as rules vary by jurisdiction

The company competes with other crypto market makers like Wintermute, GSR, and DRW's Cumberland unit. Market making in crypto involves providing buy and sell quotes on exchanges, profiting from the spread while taking on inventory risk.

Keyrock says it uses proprietary algorithms to capture volatility and provide tighter spreads. The firm also offers OTC trading for institutions that want to move large amounts without affecting exchange prices.

The rolling close structure is worth watching. It suggests Keyrock may announce additional strategic investors in coming months, potentially from traditional finance firms exploring crypto exposure.