Keyrock secures Series C funding led by SC Ventures, with valuation soaring to $1.1 billion

Keyrock Completes Series C, Prepares to Expand Trading Services

Brussels-based Keyrock announced it has completed a Series C funding round, led by SC Ventures, a division of Standard Chartered, with a total valuation of $1.1 billion. The news was released on March 31, 2026.

This round uses a rolling settlement structure, meaning additional new investors may join later. Ripple participated in the Series B round in 2022 and is continuing to co-invest this time. Keyrock did not disclose how much it raised; prior to this, the company had raised a cumulative $78.2 million, including the $72 million Series B in November 2022.

Keyrock’s current business includes market making, asset management, OTC trading, and options services. It operates across 85 centralized and decentralized trading venues, with more than 220 employees across 37 countries.

Founded in 2017 as a quantitative market maker, Keyrock later added OTC, treasury management, and options business over time. CEO Kevin de Patoul said the money is mainly intended for acquisitions, hiring, and entering new markets.

Why Standard Chartered Is Betting on Crypto Liquidity

SC Ventures CEO Alex Manson said this investment aligns with Standard Chartered’s digital assets strategy: if tokenized securities are to scale up, stable, compliant, and scalable trading infrastructure and liquidity are problems that must be solved first.

For Keyrock, this means:

• SC Ventures brings a bank network and compliance experience, helping expand distribution channels and serve institutional clients
• Ripple participated in two consecutive rounds, suggesting they were reasonably satisfied with the investment return and strategic alignment from their 2022 investment
• While the specific amount was not disclosed, the funds are likely to be used to strengthen the balance sheet, taking on larger order and inventory risk
• The acquisition plan may drive consolidation in the fragmented market of liquidity providers
• The business footprint across 37 countries provides a compliance buffer across jurisdictions

Keyrock’s main competitors are Wintermute, GSR, and Cumberland, which is part of DRW. In crypto market making, the core is to continuously quote bid and ask prices across multiple trading venues, earning from spreads while also bearing the risk of inventory volatility. Keyrock says it uses proprietary algorithms to enhance volatility-capture capabilities and tighten spreads, while also providing institutional clients with an OTC channel for large trades without “moving the market.”

Rolling settlement is worth noting: in the coming months, Keyrock may bring in more strategic investors, which could include traditional financial institutions that are testing crypto exposure.

A few takeaways:

• A $1.1 billion valuation plus bank-led backing indicates the market has clear expectations for the long-term value of crypto liquidity infrastructure;
• Rolling settlement makes fundraising more flexible, leaving room for subsequent acquisitions and geographic expansion;
• A thicker balance sheet combined with institutionalized distribution can help win larger orders and lower cost of capital.

Investment and Competitive Landscape (Research Perspective)

• Business breadth: Market making, OTC, options, and asset management complement each other; you can find entry points in different market environments.
• Scale moat: 85 trading venues and global compliance modules create barriers to entry; acquisitions and integration can further raise the bar.
• Bank endorsement: Helps obtain compliant credit, clearing, and custody resources, improving institutional clients’ fill rates.
• Competitive pressure: The race between algorithms and capital from top market makers is still ongoing; profitability depends on market volatility cycles and inventory management.

View: This is an early window for the “institutionalized liquidity infrastructure integration” direction. The biggest beneficiaries are institutional funds with acquisition capability and infrastructure builders focused on core capabilities; marginal upside for pure secondary-trading players is limited.