Keyrock

Kevin de Patoul, Jeremy de Groodt and Juan David Mendieta started Keyrock in 2017 with their first market making algorithms, and Volta Ventures led a seed round in 2018. SIX joined the Series A in 2021, Ripple the Series B in 2022, and SC Ventures, the venture arm of Standard Chartered, led the Series C in 2026, which valued the group at 1.1 billion US dollars.

In 2025 Keyrock bought Turing Capital, which became Keyrock Asset and Wealth Management, and in 2026 it added Fija Finance for its onchain business. Today the group has companies in Belgium, the United Kingdom, Switzerland, France and the United States.

The AMF authorized Keyrock FR SAS on 12 June 2026 as a crypto-asset service provider under Article 63 of MiCA, with the number A2026-017 on its white list of authorized providers. The authorization covers custody and administration of crypto assets, exchange of crypto assets for funds and for other crypto assets, execution of orders for clients and transfer services.

The ESMA interim MiCA register lists passport notifications for 29 further countries of the EU and the EEA, from Austria to Slovakia. French firms that worked under the older PSAN registration needed this authorization by 30 June 2026, the end of the MiCA transitional period in France.

A bank or broker that adds crypto trading for its customers needs a counterparty that quotes prices around the clock and settles the trades. Keyrock fills that role as a liquidity provider and OTC counterparty, while token issuers and exchanges hire it for crypto market making on their order books.

Under MiCA a European institution can check the authorization of such a counterparty in a public register. Questions on settlement, collateral and the counterparty risk of a trading firm remain part of the due diligence, whether or not the firm holds a CASP license.

Keyrock is a crypto market maker and trading firm from Brussels that provides liquidity on more than 85 venues and in about 1,400 markets. Keyrock trades for its own account, serves institutions and companies as an OTC counterparty and manages assets through Keyrock Asset and Wealth Management.

As a market maker, Keyrock places buy and sell orders on both sides of the order book and earns the spread between them. Exchanges and token projects hire such firms so that their markets stay liquid, and the contract usually sets the spread, the order size and the hours in which the market maker has to quote.

The OTC desk of Keyrock handles large crypto trades outside the public order book, so that a fund or a treasury can buy or sell a block without moving the market price. The options desk quotes crypto options for institutional clients, and the onchain team provides liquidity on decentralized exchanges.

The group works through several national companies, among them Keyrock SA, Keyrock CH GmbH and Keyrock FR SAS. The MiCA authorization belongs to Keyrock FR SAS in Paris, so EU clients who want a counterparty under MiCA contract with that company.

The Series C round of 2026 was led by SC Ventures with Ripple and other investors, at a valuation of 1.1 billion US dollars. Earlier rounds brought in Volta Ventures, SIX, Middlegame and Ripple, which first invested in the Series B of 2022.