Keyrock, a market maker, raises $72 million from Ripple and other investors

The market maker in the cryptocurrency market Keyrock closed its Series B financing round at $72 million. It was led by Ripple.

We’re excited to share that we raised $72 million for our Series B round!

We want to thank our existing and new investors that participated in this round such as @Ripple, SIX Fintech Ventures, and @middlegamevc. https://t.co/U19cxbU9Ku

— Keyrock (@KeyrockTrading) November 30, 2022

For the past three years, Ripple has been a key client of the market maker.

The financing was also provided by Six Fintech Ventures and Middlegame Ventures.

The startup’s valuation was not disclosed.

Keyrock will deploy the proceeds to expand its product line of “market-making as a service” and its capabilities in the options and over-the-counter markets.

The company also expects to open offices in Switzerland and Singapore in addition to its London office. It has filed for a license in the United Kingdom.

We have active counterparty risk management. In particular, we were able to withdraw our funds before Liquid, the exchange that is part of FTX and a Keyrock clientceased trading. Neither our funds nor client funds were harmed, — said Kevin De Patoul, CEO of the firm, in an interview with The Block.

The top executive noted that the collapse of FTX did not affect the market maker’s operations.

According to the company, Keyrock provides liquidity to more than 85 decentralized and centralized platforms. Over the past year it has entered 200 new markets, tripling trading volume.

In November, Keyrock invested in LeadBlock Partners’ second crypto-venture fund for $150 million.

Earlier Kaiko analysts pointed to the Alameda gap — a deterioration of liquidity in the cryptocurrency market following the collapse of FTX and Alameda Research.

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